UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 20549
FORM
6-K
REPORT
OF FOREIGN PRIVATE ISSUER
PURSUANT
TO RULE 13A-16 OR 15D-16
UNDER
THE SECURITIES EXCHANGE ACT OF 1934
August 1,
2024
Barclays
PLC
(Name of
Registrant)
1
Churchill Place
London
E14 5HP
England
(Address of
Principal Executive Office)
Indicate by check
mark whether the registrant files or will file annual
reports
under cover of Form
20-F or Form 40-F.
Form 20-F x Form
40-F
This Report on Form
6-K is filed by Barclays PLC.
This Report
comprises:
Information given
to The London Stock Exchange and furnished pursuant to
General Instruction
B to the General Instructions to Form 6-K.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
|
BARCLAYS
PLC
|
|
(Registrant)
|
Date:
August 1, 2024
|
By: /s/
Garth Wright
--------------------------------
|
|
Garth
Wright
|
|
Assistant
Secretary
|
Barclays PLC
Interim Results Announcement
30 June 2024
Table of Contents
Results Announcement
|
Page
|
|
|
Notes
|
|
|
|
Performance Highlights
|
|
|
|
Group Finance Director’s Review
|
6
|
|
|
Results by Business
|
|
|
|
● Barclays UK
|
8
|
|
|
● Barclays UK
Corporate
|
10
|
|
|
● Barclays Private Bank and Wealth
Management
|
11
|
|
|
● Barclays Investment
Bank
|
12
|
|
|
● Barclays US Consumer
Bank
|
14
|
|
|
● Head Office
|
15
|
|
|
Quarterly Results Summary
|
16
|
|
|
Quarterly Results by Business
|
17
|
|
|
Performance Management
|
|
|
|
● Margins and
Balances
|
14
|
|
|
Risk Management
|
|
|
|
● Risk Management and Principal
Risks
|
26
|
|
|
● Credit Risk
|
|
|
|
● Market Risk
|
47
|
|
|
● Treasury and Capital
Risk
|
|
|
|
Statement of Directors' Responsibilities
|
58
|
|
|
Independent Review Report to Barclays PLC
|
59
|
|
|
Condensed Consolidated Financial Statements
|
61
|
|
|
Financial Statement Notes
|
67
|
|
|
Appendix: Non-IFRS Performance Measures
|
89
|
|
|
Shareholder Information
|
15
|
The terms Barclays and Group refer to Barclays PLC together with
its subsidiaries. Unless otherwise stated, the income statement
analysis compares the six months ended 30 June 2024 to the
corresponding six months of 2023 and balance sheet analysis as at
30 June 2024 with comparatives relating to 31 December 2023 and 30
June 2023. The abbreviations ‘£m’ and
‘£bn’ represent millions and thousands of millions
of Pounds Sterling respectively; the abbreviations ‘$m’
and ‘$bn’ represent millions and thousands of millions
of US Dollars respectively; and the abbreviations
‘€m’ and ‘€bn’ represent
millions and thousands of millions of Euros
respectively.
There are a number of key judgement areas, for example impairment
calculations, which are based on models and which are subject to
ongoing adjustment and modifications. Reported numbers reflect best
estimates and judgements at the given point in time.
Relevant terms that are used in this document but are not defined
under applicable regulatory guidance or International Financial
Reporting Standards (IFRS) are explained in the results glossary,
which can be accessed at home.barclays/investor-relations.
The information in this announcement, which was approved by the
Board of Directors on 31 July 2024, does not comprise statutory
accounts within the meaning of Section 434 of the Companies Act
2006. Statutory accounts for the year ended 31 December 2023, which
contain an unmodified audit report under Section 495 of the
Companies Act 2006 (which does not make any statements under
Section 498 of the Companies Act 2006) have been delivered to the
Registrar of Companies in accordance with Section 441 of the
Companies Act 2006.
These results will be furnished on Form 6-K to the US Securities
and Exchange Commission (SEC) as soon as practicable following
publication of this document. Once furnished to the SEC, a copy of
the Form 6-K will be available from the SEC’s website
at www.sec.gov.
Barclays is a frequent issuer in the debt capital markets and
regularly meets with investors via formal roadshows and other ad
hoc meetings. Consistent with its usual practice, Barclays expects
that from time to time over the coming quarter it will meet with
investors globally to discuss these results and other matters
relating to the Group.
Non-IFRS performance measures
Barclays’ management believes that the non-IFRS performance
measures included in this document provide valuable information to
the readers of the financial statements as they enable the reader
to identify a more consistent basis for comparing the
businesses’ performance between financial periods and provide
more detail concerning the elements of performance which the
managers of these businesses are most directly able to influence or
are relevant for an assessment of the Group. They also reflect an
important aspect of the way in which operating targets are defined
and performance is monitored by Barclays’ management.
However, any non-IFRS performance measures in this document are not
a substitute for IFRS measures and readers should consider the IFRS
measures as well. Refer to the appendix on pages 89 to
1 for definitions and calculations of non-IFRS
performance measures included throughout this document, and
reconciliations to the most directly comparable IFRS
measures.
Forward-looking statements
This document contains certain forward-looking statements within
the meaning of Section 21E of the US Securities Exchange Act of
1934, as amended, and Section 27A of the US Securities Act of 1933,
as amended, with respect to the Group. Barclays cautions readers
that no forward-looking statement is a guarantee of future
performance and that actual results or other financial condition or
performance measures could differ materially from those contained
in the forward-looking statements. Forward-looking statements can
be identified by the fact that they do not relate only to
historical or current facts. Forward-looking statements sometimes
use words such as ‘may’, ‘will’,
‘seek’, ‘continue’, ‘aim’,
‘anticipate’, ‘target’,
‘projected’, ‘expect’,
‘estimate’, ‘intend’, ‘plan’,
‘goal’, ‘believe’, ‘achieve’ or
other words of similar meaning. Forward-looking statements can be
made in writing but also may be made verbally by directors,
officers and employees of the Group (including during management
presentations) in connection with this document. Examples of
forward-looking statements include, among others, statements or
guidance regarding or relating to the Group’s future
financial position, business strategy, income levels, costs, assets
and liabilities, impairment charges, provisions, capital leverage
and other regulatory ratios, capital distributions (including
policy on dividends and share buybacks), return on tangible equity,
projected levels of growth in banking and financial markets,
industry trends, any commitments and targets (including
environmental, social and governance (ESG) commitments and
targets), plans and objectives for future operations, International
Financial Reporting Standards (“IFRS”) and other
statements that are not historical or current facts. By their
nature, forward-looking statements involve risk and uncertainty
because they relate to future events and circumstances.
Forward-looking statements speak only as at the date on which they
are made. Forward-looking statements may be affected by a number of
factors, including, without limitation: changes in legislation,
regulations, governmental and regulatory policies, expectations and
actions, voluntary codes of practices and the interpretation
thereof, changes in IFRS and other accounting standards, including
practices with regard to the interpretation and application thereof
and emerging and developing ESG reporting standards; the outcome of
current and future legal proceedings and regulatory investigations;
the Group’s ability along with governments and other
stakeholders to measure, manage and mitigate the impacts of climate
change effectively; environmental, social and geopolitical risks
and incidents and similar events beyond the Group’s control;
the impact of competition in the banking and financial services
industry; capital, liquidity, leverage and other regulatory rules
and requirements applicable to past, current and future periods;
UK, US, Eurozone and global macroeconomic and business conditions,
including inflation; volatility in credit and capital markets;
market related risks such as changes in interest rates and foreign
exchange rates reforms to benchmark interest rates and indices;
higher or lower asset valuations; changes in credit ratings of any
entity within the Group or any securities issued by it; changes in
counterparty risk; changes in consumer behaviour; the direct and
indirect consequences of the conflicts in Ukraine and the Middle
East on European and global macroeconomic conditions, political
stability and financial markets; political elections, including the
impact of the UK, European and US elections in 2024; developments
in the UK’s relationship with the European Union
(“EU”); the risk of cyberattacks, information or
security breaches, technology failures or operational disruptions
and any subsequent impact on the Group’s reputation, business
or operations; the Group’s ability to access funding; and the
success of acquisitions, disposals and other strategic
transactions. A number of these factors are beyond the
Group’s control. As a result, the Group’s actual
financial position, results, financial and non-financial metrics or
performance measures or its ability to meet commitments and targets
may differ materially from the statements or guidance set forth in
the Group’s forward-looking statements. In setting its
targets and outlook for the period 2024-2026, Barclays has made
certain assumptions about the macroeconomic environment, including,
without limitation, inflation, interest and unemployment rates, the
different markets and competitive conditions in which Barclays
operates, and its ability to grow certain businesses and achieve
costs savings and other structural actions. Additional risks and
factors which may impact the Group’s future financial
condition and performance are identified in Barclays PLC’s
filings with the US Securities and Exchange Commission
(“SEC”) (including, without limitation, Barclays
PLC’s Annual Report on Form 20-F for the financial year ended
31 December 2023), which are available on the SEC’s website
at www.sec.gov.
Subject to Barclays PLC's obligations under the applicable laws and
regulations of any relevant jurisdiction (including, without
limitation, the UK and the US) in relation to disclosure and
ongoing information, we undertake no obligation to update publicly
or revise any forward-looking statements, whether as a result of
new information, future events or otherwise.
Performance Highlights
Barclays delivered a return on tangible equity (RoTE) of 11.1% in
H124 and announced £1.2bn total capital distributions to
shareholders in respect of the first half of 2024
C. S. Venkatakrishnan, Group Chief Executive,
commented
“We are making good progress on our three-year plan, with a
RoTE of 11.1% in the first half of 2024, which puts us on track for
our target of greater than 10% RoTE in 2024. We completed the sale
of the performing Italian mortgage book, announced the sale of the
German consumer finance business, and are on track to complete the
acquisition of Tesco Bank in November 2024. We announced a half
year dividend of 2.9p per share alongside a share buyback of up to
£750m, with total capital distributions to shareholders of
£1.2bn in respect of the first half of 2024."
|
●
H124 Group statutory RoTE of 11.1%, and 12.0%
excluding inorganic activity1.
2024 RoTE targets remain unchanged
-
Q224
Group statutory RoTE of 9.9% and 11.8% excluding inorganic
activity
-
Impact
of inorganic activity was broadly neutral to the Common Equity Tier
1 (CET1) ratio which was 13.6% at Q224
●
Completed
the £1bn share buyback announced with FY23 Results. Announced
intention to initiate a share buyback of up to £750m and a
dividend of 2.9p per share for H124
●
Guidance
for 2024 Group Net Interest Income (NII) excluding Investment Bank
(IB) and Head Office increased from c.£10.7bn to
c.£11.0bn. Within this, Barclays UK NII guidance increased
from c.£6.1bn to c.£6.3bn
-
Increase driven by the higher than expected
interest rate environment and improving deposit dynamics and
excludes the Tesco Bank acquisition2,
which is expected to complete at the beginning of November
2024
●
Group
cost: income ratio of 62% in H124. Target of c.63% in 2024 remains
unchanged
-
Delivered
a further £0.2bn of gross cost efficiency savings in Q224
resulting in H124 savings of £0.4bn. Remain on track to
deliver c.£1bn of gross cost efficiency savings in
2024
Key financial metrics:
Statutory
|
|
Excluding inorganic
activity1
|
|
Income
|
Profit before tax
|
Attributable profit
|
Cost: income ratio
|
LLR
|
RoTE
|
EPS
|
TNAV per share
|
CET1 ratio
|
Total capital return
|
|
RoTE
|
Q224
|
£6.3bn
|
£1.9bn
|
£1.2bn
|
63%
|
38bps
|
9.9%
|
8.3p
|
340p
|
13.6%
|
£1.2bn
|
|
11.8%
|
H124
|
£13.3bn
|
£4.2bn
|
£2.8bn
|
62%
|
45bps
|
11.1%
|
18.6p
|
|
12.0%
|
Q224 Performance highlights:
●
Group statutory RoTE was 9.9%
(Q223: 11.4%) with profit before tax of £1.9bn (Q223:
£2.0bn) including the
impact of inorganic activity1
-
Excluding the impact of inorganic
activity, Group
RoTE was 11.8%
●
Group income of £6.3bn was
up 1% year-on-year, with Group
NII excluding IB and Head Office of £2.7bn, of which Barclays
UK NII was £1.6bn
-
Barclays UK income decreased 4%, as higher
structural hedge income was more than offset by mortgage margin
pressure and adverse product dynamics in deposits, which have
improved in Q224, in addition to the transfer of Wealth Management
& Investments (WM&I) to Barclays Private Bank and Wealth
Management (PBWM)3
-
Barclays UK Corporate Bank (UKCB) income decreased
6%, as increased deposit income in the higher interest rate
environment was more than offset by lower liquidity pool
income
-
PBWM income increased 7%, reflecting client
balance growth, including the transfer of WM&I from Barclays
UK3,
and the benefit from the higher interest rate environment,
partially offset by adverse deposit dynamics
-
IB
income increased 10%. Global Markets income increased 5%, with
Equities income up 24% partially offset by FICC income which was
down 3%. In Investment Banking, higher fee income, particularly in
Debt and Equity capital markets, was partially offset by lower
income in the International Corporate Bank
-
Barclays
US Consumer Bank (USCB) income increased 7%, reflecting higher
cards balances
●
Group total operating expenses
were £4.0bn, up 1% year-on-year, reflecting investment spend and business growth,
with £0.2bn of efficiency savings more than offsetting
inflation
●
Credit impairment charges were
£0.4bn (Q223: £0.4bn) with an LLR of 38bps (Q223:
37bps)
1
|
Inorganic activity refers to certain
inorganic transactions announced as part of the FY23 Investor
Update designed to improve Group RoTE beyond 2024. In Q224 and H124
these include the £220m loss on sale of the performing Italian
retail mortgage portfolio and the £20m loss on disposal from
the German consumer finance business.
|
2
|
See Other matters on page 7 for further details on the acquisition
of Tesco Bank's retail banking business.
|
3
|
WM&I was transferred in May 2023
|
H124 Performance highlights:
●
Group statutory RoTE was 11.1%
(H123: 13.2%) with profit before tax of £4.2bn (H123:
£4.6bn), including the
impact of inorganic activity1
-
Excluding
the impact of inorganic activity, Group RoTE was 12.0%
●
Group income of £13.3bn,
down 2% year-on-year, with
Group NII excluding IB and Head Office of
£5.4bn of
which Barclays UK NII was £3.1bn
●
Group total operating expenses
were £8.2bn, up 1% year-on-year, including the £120m estimated impact of the
Bank of England (BoE) levy scheme in Q124
-
Group operating costs were broadly stable
at £8.0bn,
with £0.4bn of cost efficiency
savings more than offsetting inflation, enabling investment spend
and business growth
●
Credit impairment charges were
£0.9bn (H123: £0.9bn) with an LLR of 45bps (H123:
44bps)
●
CET1 ratio of 13.6% (December
2023: 13.8%), with risk
weighted assets (RWAs) of £351.4bn (December 2023:
£342.7bn) and tangible net asset value (TNAV) per share of
340p (December 2023: 331p)
Group Financial Targets and Outlook:
2024
●
Returns: targeting RoTE of greater than 10% and c.10.5%
excluding inorganic activity1
●
Income: targeting Barclays Group NII excluding IB and Head
Office of c.£11.0bn (up from previous target of
c.£10.7bn), of which Barclays UK NII of c.£6.3bn (up from
previous target of c.£6.1bn)2
●
Costs: targeting Group cost: income ratio of c.63%, which
includes c.£1bn of gross efficiency savings in
2024
●
Impairment: expect an LLR of 50-60bps through the
cycle
●
Capital: expect to operate within the CET1 ratio target
range of 13-14%
-
c.£16bn
of RWAs from regulatory change now expected during Q125 due to USCB
moving to Internal Ratings-Based (IRB) models. Capital returns
intention remains unchanged
2026
●
Returns: targeting a greater than 12%
RoTE
●
Capital returns:
plan to return at least £10bn of
capital to shareholders between 2024 and 2026, through dividends
and share buybacks, with a continued preference for buybacks. Plan
to keep total dividend stable at 2023 level in absolute terms, with
progressive dividend per share growth driven through share count
reduction as a result of increased share buybacks. Dividends will
continue to be paid semi-annually. This multi-year plan is subject
to supervisory and Board approval, anticipated financial
performance and our published CET1 ratio target range of
13-14%
●
Income: targeting Group total income of
c.£30bn
●
Costs: targeting total Group operating expenses of
c.£17bn and a Group cost: income ratio of high 50s in
percentage terms. This includes total gross efficiency savings of
c.£2bn by 2026
●
Impairment: expect an LLR of 50-60bps through the
cycle
●
Capital: expect to operate within the CET1 ratio target
range of 13-14%
-
Targeting
IB RWAs of c.50% of Group RWAs in 2026
-
Impact
of regulatory change on RWAs in line with prior guidance, expected
to be at lower end of 5–10% of Group RWAs. This includes
c.£16bn of RWAs expected during Q125 due to USCB moving to IRB
models
1
|
Inorganic activity refers to certain inorganic transactions
announced as part of the FY23 Investor Update designed to improve
Group RoTE beyond 2024. In Q224 and H124 these include the
£220m loss on sale of the performing Italian retail mortgage
portfolio and the £20m loss on disposal from the German
consumer finance business.
|
|
2
|
This excludes the 2024 impact of the acquisition of Tesco Bank's
retail banking business, which is expected to complete at the
beginning of November 2024 subject to court sanction and regulatory
approvals. It is expected to generate annualised NII of
c.£400m in the first year post-completion. See Other Matters
on page 7 for further details of the acquisition.
|
|
Barclays Group results
|
Half year ended
|
|
Three months ended
|
|
30.06.24
|
30.06.23
|
|
|
30.06.24
|
30.06.23
|
|
|
£m
|
£m
|
% Change
|
|
£m
|
£m
|
% Change
|
Barclays
UK
|
3,713
|
3,922
|
(5)
|
|
1,887
|
1,961
|
(4)
|
Barclays
UK Corporate Bank
|
877
|
935
|
(6)
|
|
443
|
472
|
(6)
|
Barclays
Private Bank and Wealth Management
|
632
|
558
|
13
|
|
320
|
299
|
7
|
Barclays
Investment Bank
|
6,347
|
6,312
|
1
|
|
3,019
|
2,743
|
10
|
Barclays
US Consumer Bank
|
1,678
|
1,593
|
5
|
|
819
|
767
|
7
|
Head
Office
|
30
|
202
|
(85)
|
|
(164)
|
43
|
|
Total income
|
13,277
|
13,522
|
(2)
|
|
6,324
|
6,285
|
1
|
Operating costs
|
(7,997)
|
(8,030)
|
—
|
|
(3,999)
|
(3,919)
|
(2)
|
UK
regulatory levies1
|
(120)
|
—
|
#DIV/0!
|
|
—
|
—
|
#DIV/0!
|
Litigation and conduct
|
(64)
|
(32)
|
|
|
(7)
|
(33)
|
79
|
Total operating expenses
|
(8,181)
|
(8,062)
|
(1)
|
|
(4,006)
|
(3,952)
|
(1)
|
Other net income/(expenses)
|
16
|
(2)
|
|
|
4
|
3
|
33
|
Profit before impairment
|
5,112
|
5,458
|
(6)
|
|
2,322
|
2,336
|
(1)
|
Credit impairment charges
|
(897)
|
(896)
|
—
|
|
(384)
|
(372)
|
(3)
|
Profit before tax
|
4,215
|
4,562
|
(8)
|
|
1,938
|
1,964
|
(1)
|
Tax charge
|
(892)
|
(914)
|
2
|
|
(427)
|
(353)
|
(21)
|
Profit after tax
|
3,323
|
3,648
|
(9)
|
|
1,511
|
1,611
|
(6)
|
Non-controlling interests
|
(26)
|
(30)
|
13
|
|
(23)
|
(22)
|
(5)
|
Other equity instrument holders
|
(510)
|
(507)
|
(1)
|
|
(251)
|
(261)
|
4
|
Attributable profit
|
2,787
|
3,111
|
(10)
|
|
1,237
|
1,328
|
(7)
|
|
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
|
|
|
Return on average tangible shareholders' equity
|
11.1%
|
13.2%
|
|
|
9.9%
|
11.4%
|
|
Average tangible shareholders' equity (£bn)
|
50.1
|
47.2
|
|
|
49.8
|
46.7
|
|
Cost: income ratio
|
62%
|
60%
|
|
|
63%
|
63%
|
|
Loan loss rate (bps)
|
45
|
44
|
|
|
38
|
37
|
|
Basic earnings per ordinary share
|
18.6p
|
19.9p
|
|
|
8.3p
|
8.6p
|
|
Dividend per share
|
2.9p
|
2.7p
|
|
|
|
|
|
Share buyback announced (£m)
|
750
|
750
|
|
|
|
|
|
Total payout equivalent per share
|
c.8.0p
|
c.7.5p
|
|
|
|
|
|
Basic weighted average number of shares (m)
|
14,972
|
15,645
|
(4)
|
|
14,915
|
15,523
|
(4)
|
Period end number of shares (m)
|
14,826
|
15,556
|
(5)
|
|
|
|
|
Period end tangible shareholders' equity (£bn)
|
50.4
|
45.3
|
|
|
|
|
|
|
As at 30.06.24
|
As at 31.12.23
|
As at 30.06.23
|
Balance sheet and capital management2
|
£bn
|
£bn
|
£bn
|
Loans and advances at amortised cost
|
399.5
|
399.5
|
401.4
|
Loans and advances at amortised cost impairment coverage
ratio
|
1.4%
|
1.4%
|
1.4%
|
Total assets
|
1,576.6
|
1,477.5
|
1,549.7
|
Deposits at amortised cost
|
557.5
|
538.8
|
554.7
|
Tangible net asset value per share
|
340p
|
331p
|
291p
|
Common equity tier 1 ratio
|
13.6%
|
13.8%
|
13.8%
|
Common equity tier 1 capital
|
47.7
|
47.3
|
46.6
|
Risk weighted assets
|
351.4
|
342.7
|
336.9
|
UK leverage ratio
|
5.0%
|
5.2%
|
5.1%
|
UK leverage exposure
|
1,222.7
|
1,168.3
|
1,183.7
|
|
|
|
|
Funding and liquidity
|
|
|
|
Group liquidity pool (£bn)
|
328.7
|
298.1
|
330.7
|
Liquidity
coverage ratio3
|
167.0%
|
161.4%
|
157.2%
|
Net
stable funding ratio4
|
136.4%
|
138.0%
|
138.8%
|
Loan: deposit ratio
|
72%
|
74%
|
72%
|
1
|
Comprises the impact of the BoE levy scheme and the UK bank
levy.
|
2
|
Refer to pages
13 to 57 for further information
on how capital, RWAs and leverage are
calculated.
|
3
|
The Liquidity Coverage Ratio is now shown on an average basis,
based on the average of the last 12 spot month end ratios. Prior
period LCR comparatives have been updated for
consistency.
|
4
|
Represents average of the last four spot quarter end
positions.
|
Reconciliation of financial results excluding
inorganic activity1
Half year ended
|
30.06.24
|
|
30.06.23
|
|
|
|
Statutory
|
Inorganic activity
|
Excluding inorganic activity
|
|
Statutory
|
|
|
|
£m
|
£m
|
£m
|
|
£m
|
|
% Change
|
Barclays
UK
|
3,713
|
—
|
3,713
|
|
3,922
|
|
(5)
|
Barclays
UK Corporate Bank
|
877
|
—
|
877
|
|
935
|
|
(6)
|
Barclays
Private Bank and Wealth Management
|
632
|
—
|
632
|
|
558
|
|
13
|
Barclays
Investment Bank
|
6,347
|
—
|
6,347
|
|
6,312
|
|
1
|
Barclays
US Consumer Bank
|
1,678
|
—
|
1,678
|
|
1,593
|
|
5
|
Head
Office
|
30
|
(240)
|
270
|
|
202
|
|
34
|
Total income
|
13,277
|
(240)
|
13,517
|
|
13,522
|
|
—
|
Operating
costs
|
(7,997)
|
—
|
(7,997)
|
|
(8,030)
|
|
—
|
UK
regulatory levies
|
(120)
|
—
|
(120)
|
|
—
|
|
#DIV/0!
|
Litigation
and conduct
|
(64)
|
—
|
(64)
|
|
(32)
|
|
|
Total operating expenses
|
(8,181)
|
—
|
(8,181)
|
|
(8,062)
|
|
(1)
|
Other net income/(expenses)
|
16
|
—
|
16
|
|
(2)
|
|
|
Profit before impairment
|
5,112
|
(240)
|
5,352
|
|
5,458
|
|
(2)
|
Credit impairment charges
|
(897)
|
—
|
(897)
|
|
(896)
|
|
—
|
Profit before tax
|
4,215
|
(240)
|
4,455
|
|
4,562
|
|
(2)
|
Attributable profit
|
2,787
|
(233)
|
3,020
|
|
3,111
|
|
(3)
|
|
|
|
|
|
|
|
|
Average tangible shareholders' equity (£bn)
|
50.1
|
|
50.1
|
|
47.2
|
|
|
Return on average tangible shareholders' equity
|
11.1%
|
|
12.0%
|
|
13.2%
|
|
|
Cost: income ratio
|
62%
|
|
61%
|
|
60%
|
|
|
|
|
|
|
Three months ended
|
30.06.24
|
|
30.06.23
|
|
|
|
Statutory
|
Inorganic activity
|
Excluding inorganic activity
|
|
Statutory
|
|
|
|
£m
|
£m
|
£m
|
|
£m
|
|
% Change
|
Barclays
UK
|
1,887
|
—
|
1,887
|
|
1,961
|
|
(4)
|
Barclays
UK Corporate Bank
|
443
|
—
|
443
|
|
472
|
|
(6)
|
Barclays
Private Bank and Wealth Management
|
320
|
—
|
320
|
|
299
|
|
7
|
Barclays
Investment Bank
|
3,019
|
—
|
3,019
|
|
2,743
|
|
10
|
Barclays
US Consumer Bank
|
819
|
—
|
819
|
|
767
|
|
7
|
Head
Office
|
(164)
|
(240)
|
76
|
|
43
|
|
77
|
Total income
|
6,324
|
(240)
|
6,564
|
|
6,285
|
|
4
|
Operating
costs
|
(3,999)
|
—
|
(3,999)
|
|
(3,919)
|
|
(2)
|
UK
regulatory levies
|
—
|
—
|
—
|
|
—
|
|
#DIV/0!
|
Litigation
and conduct
|
(7)
|
—
|
(7)
|
|
(33)
|
|
79
|
Total operating expenses
|
(4,006)
|
—
|
(4,006)
|
|
(3,952)
|
|
(1)
|
Other net income
|
4
|
—
|
4
|
|
3
|
|
33
|
Profit before impairment
|
2,322
|
(240)
|
2,562
|
|
2,336
|
|
10
|
Credit impairment charges
|
(384)
|
—
|
(384)
|
|
(372)
|
|
(3)
|
Profit before tax
|
1,938
|
(240)
|
2,178
|
|
1,964
|
|
11
|
Attributable profit
|
1,237
|
(233)
|
1,470
|
|
1,328
|
|
11
|
|
|
|
|
|
|
|
|
Average tangible shareholders' equity (£bn)
|
49.8
|
|
49.8
|
|
46.7
|
|
|
Return on average tangible shareholders' equity
|
9.9%
|
|
11.8%
|
|
11.4%
|
|
|
Cost: income ratio
|
63%
|
|
61%
|
|
63%
|
|
|
1
|
Inorganic activity refers to certain inorganic transactions
announced as part of the FY23 Investor Update designed to improve
Group RoTE beyond 2024. In Q224 and H124 these include the
£220m loss on sale of the performing Italian retail mortgage
portfolio and the £20m loss on disposal from the German
consumer finance business.
|
Group Finance Director's Review
Group performance
●
Barclays delivered a H124 profit before tax of £4,215m (H123:
£4,562m), RoTE of 11.1% (H123: 13.2%) and earnings per share
(EPS) of 18.6p (H123: 19.9p)
●
Group income decreased 2% to
£13,277m. Excluding the
impact of inorganic activity, comprising the £220m loss on
sale of the performing Italian retail mortgage portfolio and the
£20m loss on disposal from the German consumer finance
business, Group income was broadly stable, as higher structural
hedge income, higher Investment Banking fees, increased income in
Equities and balance growth in USCB were offset by lower FICC
income as well as adverse product dynamics in Barclays UK deposits
and mortgages
●
Group total operating expenses
increased to £8,181m (H123: £8,062m), including the £120m estimated impact of the
BoE levy scheme in Q124
-
Group
operating costs were stable at £7,997m, with £0.4bn of
cost efficiency savings more than offsetting inflation, enabling
investment spend and business growth
●
Credit impairment charges were
£897m (H123: £896m), driven by the anticipated higher delinquencies in
US cards partially offset by the impact of the improved
macroeconomic outlook across portfolios. Total coverage ratio
remains stable at 1.4% (December 2023: 1.4%)
●
The effective tax rate (ETR) was 21.2% (H123: 20.0%)
●
Attributable profit was £2,787m (H123:
£3,111m)
●
Total assets increased to
£1,576.6bn (December 2023:
£1,477.5bn), driven by an
increase in trading securities and secured lending in IB, and an
increase in the liquidity pool due to growth in
deposits
●
TNAV per share increased to
340p (December 2023: 331p) including EPS of 18.6p and a 4p benefit from the
reduction in share count as a result of the partial completion, as
at 30 June 2024, of the £1.0bn share buyback announced at FY23
Results. These were partially offset by a 5p reduction from
dividends paid during H124 and net negative other reserve
movements
Group capital and leverage
●
The
CET1 ratio decreased to 13.6% (December 2023: 13.8%) as RWAs
increased by £8.7bn to £351.4bn partially offset by an
increase in CET1 capital of £0.4bn to
£47.7bn:
-
c.80bps
increase from attributable profit
-
c.50bps
decrease driven by shareholder distributions including the
£1.0bn share buyback announced with FY23 Results and an
accrual towards the FY24 dividend
-
c.20bps
decrease from other capital movements
-
c.40bps
decrease as a result of an £8.7bn increase in RWAs due to
seasonal increases relative to FY23 and elevated client trading
activity in IB as well as regulatory model changes in Barclays
UK
●
The
UK leverage ratio decreased to 5.0% (December 2023: 5.2%) primarily
due to a £54.4bn increase in leverage exposure to
£1,222.7bn, largely driven by an increase in trading
securities and secured lending in IB
Group funding and liquidity
●
The
liquidity metrics remain well above regulatory requirements,
underpinned by well-diversified sources of funding, a stable global
deposit franchise and a highly liquid balance sheet
●
The
liquidity pool was £328.7bn (December 2023: £298.1bn).
The increase in the liquidity pool was primarily driven by deposit
growth, particularly in International Corporate Bank and PBWM
deposits
●
The average1
Liquidity Coverage Ratio (LCR)
increased to 167.0% (December 2023: 161.4%), equivalent to a
surplus of £122.8bn (December 2023:
£117.7bn)
●
Total
deposits increased by £18.7bn to £557.5bn (December 2023:
£538.8bn)
●
The average2
Net Stable Funding Ratio (NSFR) was
136.4% (December 2023: 138.0%), which represents a £165.9bn
(December 2023: £167.1bn) surplus above the 100% regulatory
requirement
●
Wholesale
funding outstanding, excluding repurchase agreements, was
£182.2bn (December 2023: £176.8bn)
●
The
Group issued £9.7bn equivalent of minimum requirement for own
funds and eligible liabilities (MREL) instruments from Barclays PLC
(the Parent company) in H124. The Group has a strong MREL position
with a ratio of 33.5%, which is in excess of the regulatory
requirement of 30.1% plus a confidential, institution specific,
Prudential Regulation Authority (PRA) buffer
1
|
Represents average of the last 12 spot month end
ratios.
|
2
|
Represents average of the last four spot quarter end
ratios.
|
Other matters
●
Acquisition of Tesco Bank's
retail banking business: on 9
February 2024, Barclays entered into an agreement with Tesco
Personal Finance plc (operating using the trading name “Tesco
Bank”) to acquire certain assets and liabilities of its
retail banking business. The proposed transfer is subject to High
Court approval and, if approved, is expected to become effective on
1 November 2024. The acquisition is expected to increase RWAs by
c.£8bn, reducing Barclays' CET1 ratio by c.30bps on
completion
●
FCA motor finance
review: in January 2024, the UK
Financial Conduct Authority (FCA) announced that it was appointing
a skilled person to undertake a review of the historical use of
discretionary commission arrangements and sales in the motor
finance market across several firms. This follows two final
decisions by the UK Financial Ombudsman Service (FOS), including
one upholding a complaint against Clydesdale Financial Services
Limited (CFS) (a subsidiary of Barclays PLC) in relation to
commission arrangements and disclosure in the sale of motor finance
products and a number of complaints and court claims, including
some against CFS. We have commenced a judicial review challenge
against the FOS in the High Court in relation to this decision.
Barclays will co-operate fully with the FCA’s skilled person
review, the outcome of which is unknown, including any potential
financial impact. The FCA currently plans to set out next steps on
this matter in May 2025. Barclays ceased operating in the motor
finance market in late 2019 whilst CFS was a subsidiary of the
Barclays Bank group
●
BoE levy scheme:
following parliamentary approval, the
new levy process commenced in Q124 replacing the Cash Ratio Deposit
scheme as a means of funding the Bank of England's monetary policy
and financial stability operations. This change in scheme moves the
charge from negative income recognised over the course of the year
to an annual operating expense at the start of the levy year
(running from 1 March to 28 February). Barclays' estimated
contribution for the 2024/2025 financial year is £120m,
reported in the UK regulatory levies account line. This will be
partially offset by increased income of c.£75m through lower
funding costs during 2024. The net impact of moving to the new
scheme has been to reduce Group RoTE by c.0.3% in H124, with an
expected full year impact of c.0.1%. The final charge for the
2024/2025 financial year is expected to be confirmed during
Q324
●
Disposal of Italian retail
mortgages: on 24 April 2024,
Barclays announced a transaction under which Barclays Bank Ireland
PLC intended to dispose of its performing Italian retail mortgage
portfolio, held in Head Office. The sale completed in Q224,
generating a loss on disposal of £220m and reduced RWAs by
£0.8bn. The transaction was broadly neutral to Barclays’
CET1 ratio
-
Barclays
remains in discussion with respect to the disposals of the
remaining non-performing and Swiss-Franc linked Italian retail
mortgage portfolios. Should such sales occur, they are together
expected to generate a further small loss on sale, but be broadly
neutral to Barclays’ CET1 ratio
●
Disposal of German consumer
finance business: on 4 July
2024, Barclays Bank Ireland PLC agreed the sale of its German
consumer finance business (comprising credit cards, unsecured
personal loans and deposits) to BAWAG P.S.K., a wholly-owned
subsidiary of BAWAG Group AG, for a small premium to net assets.
When including disposal costs and accounting adjustments as
required by IFRS 5 (Non-current Assets Held for Sale and
Discontinued Operations), Barclays has recorded a £20m loss on
the transaction within Head Office in Q224. Completion of the sale,
which is subject to certain conditions, including regulatory
approvals and the sanction of the relevant courts, is expected to
occur in Q424 or Q125. Once complete, the sale is expected to
release c.£3.4bn of RWAs, increasing Barclays' CET1 ratio by
c.10bps
Anna Cross, Group Finance Director
Results by Business
Barclays UK
|
Half year ended
|
|
Three months ended
|
|
30.06.24
|
30.06.23
|
|
|
30.06.24
|
30.06.23
|
|
Income statement information
|
£m
|
£m
|
% Change
|
|
£m
|
£m
|
% Change
|
Net interest income
|
3,146
|
3,278
|
(4)
|
|
1,597
|
1,660
|
(4)
|
Net fee, commission and other income
|
567
|
644
|
(12)
|
|
290
|
301
|
(4)
|
Total income
|
3,713
|
3,922
|
(5)
|
|
1,887
|
1,961
|
(4)
|
Operating costs
|
(2,048)
|
(2,182)
|
6
|
|
(1,041)
|
(1,090)
|
4
|
UK regulatory levies
|
(54)
|
—
|
#DIV/0!
|
|
—
|
—
|
#DIV/0!
|
Litigation and conduct
|
(6)
|
3
|
|
|
(4)
|
5
|
|
Total operating expenses
|
(2,108)
|
(2,179)
|
3
|
|
(1,045)
|
(1,085)
|
4
|
Other net income
|
—
|
—
|
|
|
—
|
—
|
#DIV/0!
|
Profit before impairment
|
1,605
|
1,743
|
(8)
|
|
842
|
876
|
(4)
|
Credit impairment charges
|
(66)
|
(208)
|
68
|
|
(8)
|
(95)
|
92
|
Profit before tax
|
1,539
|
1,535
|
—
|
|
834
|
781
|
7
|
Attributable profit
|
1,063
|
1,049
|
1
|
|
584
|
534
|
9
|
|
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
20.4%
|
20.4%
|
|
|
22.3%
|
20.9%
|
|
Average allocated tangible equity (£bn)
|
10.4
|
10.3
|
|
|
10.5
|
10.2
|
|
Cost: income ratio
|
57%
|
56%
|
|
|
55%
|
55%
|
|
Loan loss rate (bps)
|
6
|
18
|
|
|
1
|
17
|
|
Net interest margin
|
3.15%
|
3.20%
|
|
|
3.22%
|
3.22%
|
|
|
|
|
|
|
|
|
|
Key facts
|
|
|
|
|
|
|
|
UK
mortgage balances (£bn)1
|
161.1
|
163.6
|
|
|
|
|
|
Mortgage gross lending flow (£bn)
|
9.2
|
12.2
|
|
|
|
|
|
Average
loan to value of mortgage portfolio2
|
53%
|
53%
|
|
|
|
|
|
Average
loan to value of new mortgage lending2
|
63%
|
63%
|
|
|
|
|
|
Number of branches
|
228
|
414
|
|
|
|
|
|
Mobile banking active customers (m)
|
11.2
|
10.8
|
|
|
|
|
|
30 day arrears rate - Barclaycard Consumer UK
|
0.8%
|
0.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As at 30.06.24
|
As at 31.12.23
|
As at 30.06.23
|
|
|
|
|
Balance sheet information
|
£bn
|
£bn
|
£bn
|
|
|
|
|
Loans and advances to customers at amortised cost
|
198.7
|
202.8
|
206.8
|
|
|
|
|
Total assets
|
293.0
|
293.1
|
304.8
|
|
|
|
|
Customer deposits at amortised cost
|
236.8
|
241.1
|
249.8
|
|
|
|
|
Loan: deposit ratio
|
91%
|
92%
|
90%
|
|
|
|
|
Risk weighted assets
|
76.5
|
73.5
|
73.0
|
|
|
|
|
Period end allocated tangible equity
|
10.6
|
10.2
|
10.1
|
|
|
|
|
1
|
H124 UK mortgage balances include Kensington mortgages, H123
balances on the same basis would be £166.2bn.
|
2
|
Average loan to value (LTV) of mortgages is balance weighted and
reflects both residential and buy-to-let (BTL) mortgage portfolios
within the Home Loans portfolio.
|
Analysis of Barclays UK
|
Half year ended
|
|
Three months ended
|
30.06.24
|
30.06.23
|
|
|
30.06.24
|
30.06.23
|
|
Analysis of total income
|
£m
|
£m
|
% Change
|
|
£m
|
£m
|
% Change
|
Personal Banking
|
2,302
|
2,497
|
(8)
|
|
1,174
|
1,244
|
(6)
|
Barclaycard Consumer UK
|
457
|
484
|
(6)
|
|
228
|
237
|
(4)
|
Business Banking
|
954
|
941
|
1
|
|
485
|
480
|
1
|
Total income
|
3,713
|
3,922
|
(5)
|
|
1,887
|
1,961
|
(4)
|
|
|
|
|
|
|
|
|
Analysis of credit impairment (charges)/releases
|
|
|
|
|
|
|
|
Personal Banking
|
(40)
|
(120)
|
67
|
|
(26)
|
(92)
|
72
|
Barclaycard Consumer UK
|
(63)
|
(118)
|
47
|
|
(25)
|
(35)
|
29
|
Business Banking
|
37
|
30
|
23
|
|
43
|
32
|
34
|
Total credit impairment charges
|
(66)
|
(208)
|
68
|
|
(8)
|
(95)
|
92
|
|
|
|
|
|
|
|
|
|
As at 30.06.24
|
As at 31.12.23
|
As at 30.06.23
|
|
|
|
|
Analysis of loans and advances to customers at amortised
cost
|
£bn
|
£bn
|
£bn
|
|
|
|
|
Personal Banking
|
167.3
|
170.1
|
173.3
|
|
|
|
|
Barclaycard Consumer UK
|
10.2
|
9.7
|
9.3
|
|
|
|
|
Business Banking
|
21.2
|
23.0
|
24.2
|
|
|
|
|
Total loans and advances to customers at amortised
cost
|
198.7
|
202.8
|
206.8
|
|
|
|
|
|
|
|
|
|
|
|
|
Analysis of customer deposits at amortised cost
|
|
|
|
|
|
|
|
Personal Banking
|
183.3
|
185.4
|
191.1
|
|
|
|
|
Barclaycard Consumer UK
|
—
|
—
|
—
|
|
|
|
|
Business Banking
|
53.5
|
55.7
|
58.7
|
|
|
|
|
Total customer deposits at amortised cost
|
236.8
|
241.1
|
249.8
|
|
|
|
|
Barclays UK delivered a RoTE of 20.4% supported by resilient returns, which includes
investment in our transformation into a simpler, better and more
balanced retail bank.
Income statement - H124 compared to H123
●
Profit before tax remained stable at £1,539m with a RoTE of
20.4% (H123: 20.4%)
●
Total income decreased 5% to
£3,713m. NII decreased 4%
to £3,146m, as continued structural hedge momentum was more
than offset by mortgage margin pressure and adverse product
dynamics in deposits, which have improved in Q224. Net fee,
commission and other income decreased 12% to
£567m primarily from the impact of the transfer of WM&I to
PBWM1
-
Personal
Banking income decreased 8% to £2,302m, driven by lower
deposit volumes, changes in deposit mix where cost of living
pressures and customers searching for yield have been primary
factors, mortgage margin compression and the impact of the transfer
of WM&I to PBWM. Structural hedge momentum has partially
mitigated the impact of adverse product dynamics
-
Barclaycard
Consumer UK income decreased 6% to £457m due to lower interest
earning lending balances, resulting from higher customer spend
being more than offset by repayments
-
Business
Banking income increased 1% to £954m driven by continued
structural hedge momentum, partially offset by lower government
scheme lending as repayments continue and lower deposit
volumes
●
Total operating expenses
decreased 3% to £2,108m,
driven by the transfer of WM&I to
PBWM partially offset by the impact of inflation. Ongoing
efficiency savings continue to be reinvested, which includes
investment in our transformation programme to drive sustainable
improvement to the cost: income ratio
●
Credit impairment charges were
£66m (H123: £208m),
driven by low delinquencies in UK cards, high quality mortgage
lending portfolio and the improved macroeconomic outlook. UK cards
30 and 90 day arrears remained low at 0.8% (H123: 0.9%) and 0.2%
(H123: 0.2%) respectively. The UK cards total coverage ratio was
6.1% (December 2023: 6.8%)
Balance sheet - 30 June 2024 compared to 31 December
2023
●
Loans and advances to customers
at amortised cost decreased by £4.1bn to
£198.7bn, driven by
subdued mortgage lending reflecting wider market factors and
continued repayment of government scheme lending in Business
Banking
●
Customer deposits at amortised
cost decreased £4.3bn to £236.8bn, driven by reduced Business Banking and retail
current account balances, reflecting broader market trends. The
loan: deposit ratio remained stable at 91% (December 2023:
92%)
●
RWAs increased to £76.5bn
(December 2023: £73.5bn), primarily driven by regulatory model
changes
1
|
WM&I was transferred in May 2023.
|
Barclays UK Corporate Bank
|
Half year ended
|
|
Three months ended
|
|
|
|
30.06.24
|
30.06.23
|
|
|
30.06.24
|
30.06.23
|
|
|
|
Income statement information
|
£m
|
£m
|
% Change
|
|
£m
|
£m
|
% Change
|
|
|
Net interest income
|
573
|
609
|
(6)
|
|
296
|
299
|
(1)
|
|
|
Net fee, commission, trading and other income
|
304
|
326
|
(7)
|
|
147
|
173
|
(15)
|
|
|
Total income
|
877
|
935
|
(6)
|
|
443
|
472
|
(6)
|
|
|
Operating costs
|
(456)
|
(423)
|
(8)
|
|
(235)
|
(213)
|
(10)
|
|
|
UK regulatory levies
|
(30)
|
—
|
#DIV/0!
|
|
—
|
—
|
#DIV/0!
|
|
|
Litigation and conduct
|
—
|
—
|
|
|
—
|
—
|
|
|
|
Total operating expenses
|
(486)
|
(423)
|
(15)
|
|
(235)
|
(213)
|
(10)
|
|
|
Other net income
|
—
|
2
|
|
|
—
|
1
|
|
|
|
Profit before impairment
|
391
|
514
|
(24)
|
|
208
|
260
|
(20)
|
|
|
Credit impairment (charges)/releases
|
(23)
|
60
|
|
|
(8)
|
84
|
|
|
|
Profit before tax
|
368
|
574
|
(36)
|
|
200
|
344
|
(42)
|
|
|
Attributable profit
|
248
|
396
|
(37)
|
|
135
|
239
|
(44)
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
16.6%
|
27.3%
|
|
|
18.0%
|
32.9%
|
|
|
|
Average allocated tangible equity (£bn)
|
3.0
|
2.9
|
|
|
3.0
|
2.9
|
|
|
|
Cost: income ratio
|
55%
|
45%
|
|
|
53%
|
45%
|
|
|
|
Loan loss rate (bps)
|
18
|
(44)
|
|
|
12
|
(123)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As at 30.06.24
|
As At 31.12.23
|
As at 30.06.23
|
|
|
|
|
|
|
Balance sheet information
|
£bn
|
£bn
|
£bn
|
|
|
|
|
|
|
Loans and advances to customers at amortised cost
|
25.7
|
26.4
|
26.9
|
|
|
|
|
|
|
Deposits at amortised cost
|
84.9
|
84.9
|
82.6
|
|
|
|
|
|
|
Risk weighted assets
|
21.9
|
20.9
|
20.6
|
|
|
|
|
|
|
Period end allocated tangible equity
|
3.0
|
3.0
|
2.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Half year ended
|
|
Three months ended
|
|
|
|
30.06.24
|
30.06.23
|
|
|
30.06.24
|
30.06.23
|
|
|
|
Analysis of total income
|
£m
|
£m
|
% Change
|
|
£m
|
£m
|
% Change
|
|
|
Corporate lending
|
129
|
129
|
—
|
|
57
|
68
|
(16)
|
|
|
Transaction banking
|
748
|
806
|
(7)
|
|
386
|
404
|
(4)
|
|
|
Total income
|
877
|
935
|
(6)
|
|
443
|
472
|
(6)
|
|
|
UKCB delivered a RoTE of 16.6% (H123: 27.3%), with stable average deposits supporting strong
returns despite lower liquidity pool income, continued investment
to support growth ambitions and the estimated impact of the BoE
levy scheme in Q124.
Income statement - H124 compared to H123
●
Profit before tax decreased 36% to £368m (H123:
£574m)
●
Total income decreased 6% to
£877m as increased deposit
income in the higher interest rate environment was more than offset
by lower liquidity pool income
●
Total operating expenses
increased 15% to £486m, reflecting
higher ongoing spend to support growth ambitions and the estimated
impact of the BoE levy scheme in Q124
●
Credit impairment charges were
£23m (H123: £60m release), driven by resilient underlying credit
performance and limited single name charges. The release in the
prior period was driven by the improved macroeconomic
outlook
Balance sheet - 30 June 2024 compared to 31 December
2023
●
Loans and advances to customers at amortised cost remained broadly
stable at £25.7bn (December 2023: £26.4bn)
●
Customer deposits at amortised cost remained broadly stable at
£84.9bn (December 2023: £84.9bn)
●
RWAs increased to £21.9bn
(December 2023: £20.9bn) reflecting higher client lending limits,
supporting future lending growth
Barclays Private Bank and Wealth Management
|
Half year ended
|
|
Three months ended
|
|
30.06.24
|
30.06.23
|
|
|
30.06.24
|
30.06.23
|
|
Income statement information
|
£m
|
£m
|
% Change
|
|
£m
|
£m
|
% Change
|
Net interest income
|
362
|
367
|
(1)
|
|
187
|
186
|
1
|
Net fee, commission and other income
|
270
|
191
|
41
|
|
133
|
113
|
18
|
Total income
|
632
|
558
|
13
|
|
320
|
299
|
7
|
Operating costs
|
(434)
|
(326)
|
(33)
|
|
(220)
|
(182)
|
(21)
|
UK regulatory levies
|
(3)
|
—
|
#DIV/0!
|
|
—
|
—
|
#DIV/0!
|
Litigation and conduct
|
1
|
—
|
|
|
1
|
—
|
|
Total operating expenses
|
(436)
|
(326)
|
(34)
|
|
(219)
|
(182)
|
(20)
|
Other net income
|
—
|
—
|
#DIV/0!
|
`
|
—
|
—
|
#DIV/0!
|
Profit before impairment
|
196
|
232
|
(16)
|
|
101
|
117
|
(14)
|
Credit impairment releases /(charges)
|
3
|
(10)
|
|
|
3
|
(7)
|
|
Profit before tax
|
199
|
222
|
(10)
|
|
104
|
110
|
(5)
|
Attributable profit
|
151
|
181
|
(17)
|
|
77
|
91
|
(15)
|
|
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
29.7%
|
35.2%
|
|
|
30.8%
|
35.9%
|
|
Average allocated tangible equity (£bn)
|
1.0
|
1.0
|
|
|
1.0
|
1.0
|
|
Cost: income ratio
|
69%
|
58%
|
|
|
68%
|
61%
|
|
Loan loss rate (bps)
|
(4)
|
14
|
|
|
(9)
|
20
|
|
|
|
|
|
|
|
|
|
Key facts
|
£bn
|
£bn
|
|
|
|
|
|
Invested
assets1
|
119.8
|
100.8
|
|
|
|
|
|
Clients
assets and liabilities2
|
198.5
|
174.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As at 30.06.24
|
As At 31.12.23
|
As at 30.06.23
|
|
|
|
|
Balance sheet information
|
£bn
|
£bn
|
£bn
|
|
|
|
|
Loans and advances to customers at amortised cost
|
13.9
|
13.6
|
13.8
|
|
|
|
|
Deposits at amortised cost
|
64.6
|
60.3
|
59.2
|
|
|
|
|
Risk weighted assets
|
7.0
|
7.2
|
7.2
|
|
|
|
|
Period end allocated tangible equity
|
1.0
|
1.0
|
1.0
|
|
|
|
|
|
|
|
|
|
|
|
|
PBWM delivered a RoTE of 29.7%, supported by 14% growth year on year in client
balances to £198.5bn, which is predominantly driven by
invested assets1
as a result of market movements and
underlying growth.
Income statement - H124 compared to H123
●
Profit before tax decreased 10% to £199m with a RoTE of 29.7%
(H123: 35.2%)
●
Total income increased 13% to
£632m. NII decreased 1% to
£362m mainly due to adverse deposit dynamics reflecting wider
market trends, partially offset by higher deposit balances and the
benefit from the higher interest rate environment. Net fee,
commission and other income increased 41% to £270m reflecting
the transfer of WM&I from Barclays UK3
and invested assets
growth
●
Total operating expenses
increased 34% to £436m, reflecting the transfer of WM&I from Barclays
UK and higher ongoing spend, including hiring, to support business
growth
Balance sheet - 30 June 2024 compared to 31 December
2023
●
Client assets and liabilities
increased £15.6bn to £198.5bn, driven by £11.0bn increase in invested
assets as a result of market movements and underlying growth, as
well as £4.3bn increase in deposits and £0.3bn increase
in gross loans to clients
●
Deposits at amortised cost
increased £4.3bn to £64.6bn, driven by underlying growth from client
inflows
●
RWAs were stable at £7.0bn (December 2023:
£7.2bn)
1
|
Invested assets represent assets under management and
supervision.
|
2
|
Client assets and liabilities refers to customer deposits, lending
and invested assets.
|
3
|
WM&I was transferred in May 2023
|
Barclays Investment Bank
|
Half year ended
|
|
Three months ended
|
|
30.06.24
|
30.06.23
|
|
|
30.06.24
|
30.06.23
|
|
Income statement information
|
£m
|
£m
|
% Change
|
|
£m
|
£m
|
% Change
|
Net interest income
|
465
|
714
|
(35)
|
|
268
|
555
|
(52)
|
Net trading income
|
3,467
|
3,786
|
(8)
|
|
1,485
|
1,351
|
10
|
Net fee, commission and other income
|
2,415
|
1,812
|
33
|
|
1,266
|
837
|
51
|
Total income
|
6,347
|
6,312
|
1
|
|
3,019
|
2,743
|
10
|
Operating costs
|
(3,858)
|
(3,845)
|
—
|
|
(1,900)
|
(1,813)
|
(5)
|
|
|
|
|
|
|
|
|
UK regulatory levies
|
(33)
|
—
|
#DIV/0!
|
|
—
|
—
|
#DIV/0!
|
Litigation and conduct
|
(11)
|
1
|
|
|
(3)
|
(1)
|
|
Total operating expenses
|
(3,902)
|
(3,844)
|
(2)
|
|
(1,903)
|
(1,814)
|
(5)
|
Other net expenses
|
—
|
(1)
|
|
|
—
|
—
|
#DIV/0!
|
Profit before impairment
|
2,445
|
2,467
|
(1)
|
|
1,116
|
929
|
20
|
Credit impairment charges
|
(34)
|
(102)
|
67
|
|
(44)
|
(77)
|
43
|
Profit before tax
|
2,411
|
2,365
|
2
|
|
1,072
|
852
|
26
|
Attributable profit
|
1,614
|
1,610
|
—
|
|
715
|
562
|
27
|
|
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
10.8%
|
11.1%
|
|
|
9.6%
|
7.7%
|
|
Average allocated tangible equity (£bn)
|
30.0
|
29.1
|
|
|
29.9
|
29.0
|
|
Cost: income ratio
|
61%
|
61%
|
|
|
63%
|
66%
|
|
Loan loss rate (bps)
|
6
|
20
|
|
|
15
|
30
|
|
|
|
|
|
|
|
|
|
|
As at 30.06.24
|
As at 31.12.23
|
As at 30.06.23
|
|
|
|
|
Balance sheet information
|
£bn
|
£bn
|
£bn
|
|
|
|
|
Loans and advances to customers at amortised cost
|
66.6
|
62.7
|
59.1
|
|
|
|
|
Loans and advances to banks at amortised cost
|
6.6
|
7.3
|
9.0
|
|
|
|
|
Debt securities at amortised cost
|
41.7
|
38.9
|
35.1
|
|
|
|
|
Loans and advances at amortised cost
|
114.9
|
108.9
|
103.2
|
|
|
|
|
Trading portfolio assets
|
197.2
|
174.5
|
165.0
|
|
|
|
|
Derivative financial instrument assets
|
251.4
|
255.1
|
264.8
|
|
|
|
|
Financial assets at fair value through the income
statement
|
211.7
|
202.5
|
231.1
|
|
|
|
|
Cash collateral and settlement balances
|
139.8
|
102.3
|
122.1
|
|
|
|
|
Other assets
|
198.8
|
175.8
|
192.0
|
|
|
|
|
Total assets
|
1,113.8
|
1,019.1
|
1,078.4
|
|
|
|
|
Deposits at amortised cost
|
151.3
|
132.7
|
142.9
|
|
|
|
|
Derivative financial instrument liabilities
|
241.8
|
249.7
|
254.5
|
|
|
|
|
Risk weighted assets
|
203.3
|
197.3
|
197.2
|
|
|
|
|
Period end allocated tangible equity
|
29.7
|
29.0
|
28.7
|
|
|
|
|
|
Half year ended
|
|
Three months ended
|
|
30.06.24
|
30.06.23
|
|
|
30.06.24
|
30.06.23
|
|
Analysis of total income
|
£m
|
£m
|
% Change
|
|
£m
|
£m
|
% Change
|
FICC
|
2,553
|
2,974
|
(14)
|
|
1,149
|
1,186
|
(3)
|
Equities
|
1,579
|
1,267
|
25
|
|
696
|
563
|
24
|
Global Markets
|
4,132
|
4,241
|
(3)
|
|
1,845
|
1,749
|
5
|
Advisory
|
286
|
342
|
(16)
|
|
138
|
130
|
6
|
Equity
capital markets
|
189
|
119
|
59
|
|
121
|
69
|
75
|
Debt
capital markets
|
821
|
614
|
34
|
|
420
|
273
|
54
|
Banking
fees and underwriting
|
1,296
|
1,075
|
21
|
|
679
|
472
|
44
|
Corporate
lending
|
129
|
133
|
(3)
|
|
87
|
100
|
(13)
|
Transaction
banking
|
790
|
863
|
(8)
|
|
408
|
422
|
(3)
|
International
Corporate Bank
|
919
|
996
|
(8)
|
|
495
|
522
|
(5)
|
Investment Banking
|
2,215
|
2,071
|
7
|
|
1,174
|
994
|
18
|
Total income
|
6,347
|
6,312
|
1
|
|
3,019
|
2,743
|
10
|
IB delivered a RoTE of 10.8% (H123: 11.1%) reflecting the benefit of diversified income
streams with an increase in Equities and Banking fees and
underwriting income, offset by a decrease in FICC and International
Corporate Bank income. Costs were marginally up while impairment
remained below prior year, reflecting improved macroeconomic
outlook.
Income statement - H124 compared to H123
●
Profit before tax increased to £2,411m (H123:
£2,365m)
●
Total income increased 1% to £6,347m (H123:
£6,312m)
-
Global
Markets income decreased 3% to £4,132m as increased income in
Equities was more than offset by lower income in FICC. Equities
income increased 25% to £1,579m, driven by growth across
products reflecting increased client activity in derivatives and
growth in financing balances, additionally supported by a
£125m fair value gain on Visa B shares in Q124. FICC income
decreased 14% to £2,553m, reflecting lower client activity in
Macro and the non-repeat of the inflation benefit from prior year,
partially offset by strong performance in securitised
products
-
Investment
Banking income increased 7% to £2,215m
-
Banking fees and underwriting income increased 21%
to £1,296m. Equity capital markets fees increased 59%
reflecting strong Q224 performance including fees booked on a large
UK rights issue. Debt capital markets fees increased
34% driven by increased activity in leverage finance
and investment grade issuance, partially offset by Advisory fee
income which decreased 16%
-
International
Corporate Bank income decreased 8% to £919m, mainly driven by
Transaction banking as a result of margin compression as customers
migrate to higher interest returning products and lower liquidity
pool income. Corporate lending income is broadly
stable
●
Total operating expenses
increased 2% to £3,902m reflecting Q224 structural costs actions,
inflation and the estimated impact of the BoE levy scheme in Q124,
partially offset by efficiency savings
●
Credit impairment charges were
£34m (H123: £102m), driven by single name charges, partially offset by
the benefit of credit protection and the improved macroeconomic
outlook
Balance sheet - 30 June 2024 compared to 31 December
2023
●
Loans and advances at amortised
costs increased £6.0bn to £114.9bn driven by increased investment in debt securities
in Treasury and increased lending in Global
Markets
●
Trading portfolio assets
increased £22.7bn to £197.2bn driven by increased trading in debt securities as
we facilitate client demand in Global Markets
●
Derivatives assets and
liabilities remained broadly stable at £251.4bn and
£241.8bn respectively reflecting a decrease in Macro due to lower market
volatility, offset by increased client activity in
Equities
●
Financial assets at fair value
through the income statement increased £9.2bn to
£211.7bn driven by
increased secured lending
●
Deposits at amortised cost
increased £18.6bn to £151.3bn driven by growth in deposits, primarily in
International Corporate Bank
●
RWAs increased to £203.3bn
(December 2023: £197.3bn) driven by seasonal increases relative to FY23 and
elevated client trading activity in Global
Markets
Barclays US Consumer Bank
|
Half year ended
|
|
Three months ended
|
|
30.06.24
|
30.06.23
|
|
|
30.06.24
|
30.06.23
|
|
Income statement information
|
£m
|
£m
|
% Change
|
|
£m
|
£m
|
% Change
|
Net interest income
|
1,334
|
1,256
|
6
|
|
646
|
622
|
4
|
Net fee, commission and other income
|
344
|
337
|
2
|
|
173
|
145
|
19
|
Total income
|
1,678
|
1,593
|
5
|
|
819
|
767
|
7
|
Operating costs
|
(796)
|
(828)
|
4
|
|
(408)
|
(401)
|
(2)
|
UK regulatory levies
|
—
|
—
|
#DIV/0!
|
|
—
|
—
|
#DIV/0!
|
Litigation and conduct
|
(4)
|
(4)
|
—
|
|
(2)
|
(4)
|
50
|
Total operating expenses
|
(800)
|
(832)
|
4
|
|
(410)
|
(405)
|
(1)
|
Other net income
|
—
|
—
|
#DIV/0!
|
|
—
|
—
|
#DIV/0!
|
Profit before impairment
|
878
|
761
|
15
|
|
409
|
362
|
13
|
Credit impairment charges
|
(719)
|
(585)
|
(23)
|
|
(309)
|
(264)
|
(17)
|
Profit before tax
|
159
|
176
|
(10)
|
|
100
|
98
|
2
|
Attributable profit
|
119
|
131
|
(9)
|
|
75
|
72
|
4
|
|
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
7.2%
|
8.4%
|
|
|
9.2%
|
9.3%
|
|
Average allocated tangible equity (£bn)
|
3.3
|
3.1
|
|
|
3.3
|
3.1
|
|
Cost: income ratio
|
48%
|
52%
|
|
|
50%
|
53%
|
|
Loan loss rate (bps)
|
509
|
458
|
|
|
438
|
411
|
|
Net interest margin
|
10.78%
|
10.81%
|
|
|
10.43%
|
10.66%
|
|
|
|
|
|
|
|
|
|
Key facts
|
|
|
|
|
|
|
|
US cards 30 day arrears rate
|
2.9%
|
2.4%
|
|
|
|
|
|
US cards customer FICO score distribution
|
|
|
|
|
|
|
|
<660
|
12%
|
11%
|
|
|
|
|
|
>660
|
88%
|
89%
|
|
|
|
|
|
End net receivables ($bn)
|
31.2
|
29.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As at 30.06.24
|
As at 31.12.23
|
As at 30.06.23
|
|
|
|
|
Balance sheet information
|
£bn
|
£bn
|
£bn
|
|
|
|
|
Loans and advances to customers at amortised cost
|
24.3
|
24.2
|
22.9
|
|
|
|
|
Deposits at amortised cost
|
20.0
|
19.7
|
17.9
|
|
|
|
|
Risk weighted assets
|
24.4
|
24.8
|
22.5
|
|
|
|
|
Period end allocated tangible equity
|
3.3
|
3.4
|
3.1
|
|
|
|
|
USCB delivered a RoTE of 7.2% (H123: 8.4%) with growth in cards balances, offset by increase
in impairment charge from higher anticipated delinquencies.
c.£0.9bn ($1.1bn) of the outstanding credit card receivables
were sold to Blackstone in Q124, providing a benefit from reduced
RWAs.
Income statement - H124 compared to H123
●
Profit before tax was £159m (H123: £176m)
●
Total income increased 5% to
£1,678m. NII increased 6%
to £1,334m reflecting £1.5bn ($1.7bn) higher cards
balances to £24.7bn ($31.2bn). Net fee, commission and other
income increased 2% to £344m reflecting higher purchases and
account growth1
●
Total operating expenses
decreased 4% to £800m, driven by efficiency savings and lower marketing
costs
●
Credit impairment charges
increased to £719m (H123: £585m), driven by the anticipated higher delinquencies in
US cards, which led to higher coverage ratios. 30 and 90 day
arrears for US cards were 2.9% (H123: 2.4%) and 1.6% (H123: 1.2%)
respectively. The USCB total coverage ratio was 11.0% (December
2023: 10.1%)
Balance sheet - 30 June 2024 compared to 31 December
2023
●
Loans and advances to customers at amortised cost remained broadly
stable at £24.3bn (December 2023: £24.2bn)
●
Customer deposits at amortised
cost has increased to £20.0bn (December 2023:
£19.7bn), in line with
USCB's ambition to grow core deposits
●
RWAs decreased to £24.4bn
(December 2023: £24.8bn), reflecting sale of receivables to Blackstone in
Q124
1
|
Includes Barclays accounts and those serviced for third
parties.
|
Head Office
|
Half year ended
|
|
Three months ended
|
|
30.06.24
|
30.06.23
|
|
|
30.06.24
|
30.06.23
|
|
Income statement information
|
£m
|
£m
|
% Change
|
|
£m
|
£m
|
% Change
|
Net interest income
|
248
|
99
|
|
|
62
|
(52)
|
|
Net fee, commission and other income
|
(218)
|
103
|
|
|
(226)
|
95
|
|
Total income
|
30
|
202
|
(85)
|
|
(164)
|
43
|
|
Operating costs
|
(406)
|
(425)
|
4
|
|
(195)
|
(221)
|
12
|
UK regulatory levies
|
—
|
—
|
#DIV/0!
|
|
|
—
|
#DIV/0!
|
Litigation and conduct
|
(43)
|
(33)
|
(30)
|
|
1
|
(32)
|
|
Total operating expenses
|
(449)
|
(458)
|
2
|
|
(194)
|
(253)
|
23
|
Other net income/(expenses)
|
16
|
(3)
|
|
|
4
|
2
|
|
Loss before impairment
|
(403)
|
(259)
|
(56)
|
|
(354)
|
(208)
|
(70)
|
Credit impairment charges
|
(58)
|
(51)
|
(14)
|
|
(18)
|
(13)
|
(38)
|
Loss before tax
|
(461)
|
(310)
|
(49)
|
|
(372)
|
(221)
|
(68)
|
Attributable loss
|
(408)
|
(256)
|
(59)
|
|
(349)
|
(170)
|
|
|
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
|
|
|
Average allocated tangible equity (£bn)
|
2.4
|
0.8
|
|
|
2.1
|
0.5
|
|
|
|
|
|
|
|
|
|
|
As at 30.06.24
|
As at 31.12.23
|
As at 30.06.23
|
|
|
|
|
Balance sheet information
|
£bn
|
£bn
|
£bn
|
|
|
|
|
Risk weighted assets
|
18.3
|
19.0
|
16.4
|
|
|
|
|
Period end allocated tangible equity
|
2.7
|
3.6
|
(0.5)
|
|
|
|
|
Income statement - H124 compared to H123
●
Loss before tax was £461m (H123: £310m)
●
Total income decreased to
£30m (H123: £202m) mainly driven by the loss on sale of the
performing Italian retail mortgage portfolio and the impact of the
disposal of the German consumer finance business. These were
partially offset by a gain on disposal of a legacy
investment
●
Total operating expenses were broadly stable at £449m (H123:
£458m)
●
Credit impairment charges were broadly stable at £58m (H123:
£51m)
Balance sheet - 30 June 2024 compared to 31 December
2023
●
RWAs decreased to £18.3bn
(December 2023: £19.0bn) mainly from the sale of the performing Italian
mortgage portfolio
Quarterly Results Summary
Barclays Group
|
|
|
|
|
|
|
|
|
|
|
|
Q224
|
Q124
|
|
Q423
|
Q323
|
Q223
|
Q123
|
|
Q422
|
Q322
|
Income statement information
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
Net interest income
|
3,056
|
3,072
|
|
3,139
|
3,247
|
3,270
|
3,053
|
|
2,741
|
3,068
|
Net fee, commission and other income
|
3,268
|
3,881
|
|
2,459
|
3,011
|
3,015
|
4,184
|
|
3,060
|
2,883
|
Total income
|
6,324
|
6,953
|
|
5,598
|
6,258
|
6,285
|
7,237
|
|
5,801
|
5,951
|
Operating costs
|
(3,999)
|
(3,998)
|
|
(4,735)
|
(3,949)
|
(3,919)
|
(4,111)
|
|
(3,748)
|
(3,939)
|
UK regulatory levies
|
—
|
(120)
|
|
(180)
|
—
|
—
|
—
|
|
(176)
|
—
|
Litigation and conduct
|
(7)
|
(57)
|
|
(5)
|
—
|
(33)
|
1
|
|
(79)
|
339
|
Total operating expenses
|
(4,006)
|
(4,175)
|
|
(4,920)
|
(3,949)
|
(3,952)
|
(4,110)
|
|
(4,003)
|
(3,600)
|
Other net income/(expenses)
|
4
|
12
|
|
(16)
|
9
|
3
|
(5)
|
|
10
|
(1)
|
Profit before impairment
|
2,322
|
2,790
|
|
662
|
2,318
|
2,336
|
3,122
|
|
1,808
|
2,350
|
Credit impairment charges
|
(384)
|
(513)
|
|
(552)
|
(433)
|
(372)
|
(524)
|
|
(498)
|
(381)
|
Profit before tax
|
1,938
|
2,277
|
|
110
|
1,885
|
1,964
|
2,598
|
|
1,310
|
1,969
|
Tax (charges)/credit
|
(427)
|
(465)
|
|
23
|
(343)
|
(353)
|
(561)
|
|
33
|
(249)
|
Profit after tax
|
1,511
|
1,812
|
|
133
|
1,542
|
1,611
|
2,037
|
|
1,343
|
1,720
|
Non-controlling interests
|
(23)
|
(3)
|
|
(25)
|
(9)
|
(22)
|
(8)
|
|
(22)
|
(2)
|
Other equity instrument holders
|
(251)
|
(259)
|
|
(219)
|
(259)
|
(261)
|
(246)
|
|
(285)
|
(206)
|
Attributable profit/(loss)
|
1,237
|
1,550
|
|
(111)
|
1,274
|
1,328
|
1,783
|
|
1,036
|
1,512
|
|
|
|
|
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
|
|
|
|
|
|
Return on average tangible shareholders' equity
|
9.9%
|
12.3%
|
|
(0.9)%
|
11.0%
|
11.4%
|
15.0%
|
|
8.9%
|
12.5%
|
Average tangible shareholders' equity (£bn)
|
49.8
|
50.5
|
|
48.9
|
46.5
|
46.7
|
47.6
|
|
46.7
|
48.6
|
Cost: income ratio
|
63%
|
60%
|
|
88%
|
63%
|
63%
|
57%
|
|
69%
|
60%
|
Loan loss rate (bps)
|
38
|
51
|
|
54
|
42
|
37
|
52
|
|
49
|
36
|
Basic earnings per ordinary share
|
8.3p
|
10.3p
|
|
(0.7)p
|
8.3p
|
8.6p
|
11.3p
|
|
6.5p
|
9.4p
|
Basic weighted average number of shares (m)
|
14,915
|
14,983
|
|
15,092
|
15,405
|
15,523
|
15,770
|
|
15,828
|
16,148
|
Period end number of shares (m)
|
14,826
|
15,091
|
|
15,155
|
15,239
|
15,556
|
15,701
|
|
15,871
|
15,888
|
Period end tangible shareholders' equity (£bn)
|
50.4
|
50.6
|
|
50.2
|
48.2
|
45.3
|
47.3
|
|
46.8
|
45.4
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet and capital
management1
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
Loans and advances to customers at amortised cost
|
329.8
|
332.1
|
|
333.3
|
339.6
|
337.4
|
343.6
|
|
343.3
|
346.3
|
Loans and advances to banks at amortised cost
|
8.0
|
8.5
|
|
9.5
|
11.5
|
10.9
|
11.0
|
|
10.0
|
12.5
|
Debt securities at amortised cost
|
61.7
|
57.4
|
|
56.7
|
54.3
|
53.1
|
48.9
|
|
45.5
|
54.8
|
Loans and advances at amortised cost
|
399.5
|
397.9
|
|
399.5
|
405.4
|
401.4
|
403.5
|
|
398.8
|
413.7
|
Loans and advances at amortised cost impairment coverage
ratio
|
1.4%
|
1.4%
|
|
1.4%
|
1.4%
|
1.4%
|
1.4%
|
|
1.4%
|
1.4%
|
Total assets
|
1,576.6
|
1,577.1
|
|
1,477.5
|
1,591.7
|
1,549.7
|
1,539.1
|
|
1,513.7
|
1,726.9
|
Deposits at amortised cost
|
557.5
|
552.3
|
|
538.8
|
561.3
|
554.7
|
555.7
|
|
545.8
|
574.4
|
Tangible net asset value per share
|
340p
|
335p
|
|
331p
|
316p
|
291p
|
301p
|
|
295p
|
286p
|
Common equity tier 1 ratio
|
13.6%
|
13.5%
|
|
13.8%
|
14.0%
|
13.8%
|
13.6%
|
|
13.9%
|
13.8%
|
Common equity tier 1 capital
|
47.7
|
47.1
|
|
47.3
|
48.0
|
46.6
|
46.0
|
|
46.9
|
48.6
|
Risk weighted assets
|
351.4
|
349.6
|
|
342.7
|
341.9
|
336.9
|
338.4
|
|
336.5
|
350.8
|
UK leverage ratio
|
5.0%
|
4.9%
|
|
5.2%
|
5.0%
|
5.1%
|
5.1%
|
|
5.3%
|
5.0%
|
UK leverage exposure
|
1,222.7
|
1,226.5
|
|
1,168.3
|
1,202.4
|
1,183.7
|
1,168.9
|
|
1,130.0
|
1,232.1
|
|
|
|
|
|
|
|
|
|
|
|
Funding and liquidity
|
|
|
|
|
|
|
|
|
|
|
Group liquidity pool (£bn)
|
328.7
|
323.5
|
|
298.1
|
335.0
|
330.7
|
333.0
|
|
318.0
|
325.8
|
Liquidity
coverage ratio2
|
167.0%
|
163.2%
|
|
161.4%
|
158.7%
|
157.2%
|
156.6%
|
|
155.5%
|
156.4%
|
Net
stable funding ratio3
|
136.4%
|
135.7%
|
|
138.0%
|
138.2%
|
138.8%
|
139.2%
|
|
137.0%
|
|
Loan: deposit ratio
|
72%
|
72%
|
|
74%
|
72%
|
72%
|
73%
|
|
73%
|
72%
|
1
|
Refer to pages 53 to 57 for further information on how capital,
RWAs and leverage are calculated.
|
2
|
The Liquidity Coverage Ratio is based on the average of the last 12
spot month end ratios. Prior period LCR comparatives have been
updated for consistency.
|
3
|
Represents average of the last four spot quarter end position,
effective from Q422.
|
Barclays UK
|
|
|
|
|
|
|
|
|
|
|
|
Q224
|
Q124
|
|
Q423
|
Q323
|
Q223
|
Q123
|
|
Q422
|
Q322
|
Income statement information
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
Net interest income
|
1,597
|
1,549
|
|
1,575
|
1,578
|
1,660
|
1,618
|
|
1,600
|
1,561
|
Net fee, commission and other income
|
290
|
277
|
|
217
|
295
|
301
|
343
|
|
370
|
355
|
Total income
|
1,887
|
1,826
|
|
1,792
|
1,873
|
1,961
|
1,961
|
|
1,970
|
1,916
|
Operating costs
|
(1,041)
|
(1,007)
|
|
(1,153)
|
(1,058)
|
(1,090)
|
(1,092)
|
|
(1,108)
|
(1,069)
|
UK regulatory levies
|
—
|
(54)
|
|
(30)
|
—
|
—
|
—
|
|
(26)
|
—
|
Litigation and conduct
|
(4)
|
(2)
|
|
(4)
|
9
|
5
|
(2)
|
|
(13)
|
(3)
|
Total operating expenses
|
(1,045)
|
(1,063)
|
|
(1,187)
|
(1,049)
|
(1,085)
|
(1,094)
|
|
(1,147)
|
(1,072)
|
Other net income/(expenses)
|
—
|
—
|
|
—
|
—
|
—
|
—
|
|
1
|
(1)
|
Profit before impairment
|
842
|
763
|
|
605
|
824
|
876
|
867
|
|
824
|
843
|
Credit impairment charges
|
(8)
|
(58)
|
|
(37)
|
(59)
|
(95)
|
(113)
|
|
(157)
|
(81)
|
Profit before tax
|
834
|
705
|
|
568
|
765
|
781
|
754
|
|
667
|
762
|
Attributable profit
|
584
|
479
|
|
382
|
531
|
534
|
515
|
|
474
|
549
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet information
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
Loans and advances to customers at amortised cost
|
198.7
|
200.8
|
|
202.8
|
204.9
|
206.8
|
208.2
|
|
205.1
|
205.1
|
Customer deposits at amortised cost
|
236.8
|
237.2
|
|
241.1
|
243.2
|
249.8
|
254.3
|
|
258.0
|
261.0
|
Loan: deposit ratio
|
91%
|
92%
|
|
92%
|
92%
|
90%
|
90%
|
|
87%
|
86%
|
Risk weighted assets
|
76.5
|
76.5
|
|
73.5
|
73.2
|
73.0
|
74.6
|
|
73.1
|
73.2
|
Period end allocated tangible equity
|
10.6
|
10.7
|
|
10.2
|
10.1
|
10.1
|
10.3
|
|
10.1
|
10.1
|
|
|
|
|
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
22.3%
|
18.5%
|
|
14.9%
|
21.0%
|
20.9%
|
20.0%
|
|
18.7%
|
22.1%
|
Average allocated tangible equity (£bn)
|
10.5
|
10.4
|
|
10.2
|
10.1
|
10.2
|
10.3
|
|
10.2
|
9.9
|
Cost: income ratio
|
55%
|
58%
|
|
66%
|
56%
|
55%
|
56%
|
|
58%
|
56%
|
Loan loss rate (bps)
|
1
|
11
|
|
7
|
10
|
17
|
20
|
|
27
|
14
|
Net interest margin
|
3.22%
|
3.09%
|
|
3.07%
|
3.04%
|
3.22%
|
3.18%
|
|
3.10%
|
3.01%
|
Analysis of Barclays UK
|
Q224
|
Q124
|
|
Q423
|
Q323
|
Q223
|
Q123
|
|
Q422
|
Q322
|
Analysis of total income
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
Personal Banking
|
1,174
|
1,128
|
|
1,067
|
1,165
|
1,244
|
1,253
|
|
1,229
|
1,212
|
Barclaycard Consumer UK
|
228
|
229
|
|
242
|
238
|
237
|
247
|
|
269
|
283
|
Business Banking
|
485
|
469
|
|
483
|
470
|
480
|
461
|
|
472
|
421
|
Total income
|
1,887
|
1,826
|
|
1,792
|
1,873
|
1,961
|
1,961
|
|
1,970
|
1,916
|
|
|
|
|
|
|
|
|
|
|
|
Analysis of credit impairment charges/(releases)
|
|
|
|
|
|
|
|
|
|
|
Personal Banking
|
(26)
|
(14)
|
|
35
|
(85)
|
(92)
|
(28)
|
|
(120)
|
(26)
|
Barclaycard Consumer UK
|
(25)
|
(38)
|
|
(73)
|
29
|
(35)
|
(83)
|
|
(12)
|
2
|
Business Banking
|
43
|
(6)
|
|
1
|
(3)
|
32
|
(2)
|
|
(25)
|
(57)
|
Total credit impairment charges
|
(8)
|
(58)
|
|
(37)
|
(59)
|
(95)
|
(113)
|
|
(157)
|
(81)
|
|
|
|
|
|
|
|
|
|
|
|
Analysis of loans and advances to customers at amortised
cost
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
Personal Banking
|
167.3
|
169.0
|
|
170.1
|
172.3
|
173.3
|
173.6
|
|
169.7
|
168.7
|
Barclaycard Consumer UK
|
10.2
|
9.8
|
|
9.7
|
9.6
|
9.3
|
9.0
|
|
9.2
|
9.0
|
Business Banking
|
21.2
|
22.0
|
|
23.0
|
23.0
|
24.2
|
25.6
|
|
26.2
|
27.4
|
Total loans and advances to customers at amortised
cost
|
198.7
|
200.8
|
|
202.8
|
204.9
|
206.8
|
208.2
|
|
205.1
|
205.1
|
|
|
|
|
|
|
|
|
|
|
|
Analysis of customer deposits at amortised cost
|
|
|
|
|
|
|
|
|
|
|
Personal Banking
|
183.3
|
183.4
|
|
185.4
|
186.1
|
191.1
|
194.3
|
|
195.6
|
197.3
|
Barclaycard Consumer UK
|
—
|
—
|
|
—
|
—
|
—
|
—
|
|
—
|
—
|
Business Banking
|
53.5
|
53.8
|
|
55.7
|
57.1
|
58.7
|
60.0
|
|
62.4
|
63.7
|
Total customer deposits at amortised cost
|
236.8
|
237.2
|
|
241.1
|
243.2
|
249.8
|
254.3
|
|
258.0
|
261.0
|
Barclays UK Corporate Bank
|
|
|
|
|
|
|
|
|
|
|
|
Q224
|
Q124
|
|
Q423
|
Q323
|
Q223
|
Q123
|
|
Q422
|
Q322
|
Income statement information
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
Net interest income
|
296
|
277
|
|
247
|
304
|
299
|
310
|
|
324
|
309
|
Net fee, commission, trading and other income
|
147
|
157
|
|
148
|
136
|
173
|
153
|
|
153
|
124
|
Total income
|
443
|
434
|
|
395
|
440
|
472
|
463
|
|
477
|
433
|
Operating costs
|
(235)
|
(221)
|
|
(258)
|
(224)
|
(213)
|
(210)
|
|
(213)
|
(209)
|
UK regulatory levies
|
—
|
(30)
|
|
(8)
|
—
|
—
|
—
|
|
(7)
|
—
|
Litigation and conduct
|
—
|
—
|
|
(1)
|
2
|
—
|
—
|
|
—
|
—
|
Total operating expenses
|
(235)
|
(251)
|
|
(267)
|
(222)
|
(213)
|
(210)
|
|
(220)
|
(209)
|
Other net (expenses)/income
|
—
|
—
|
|
(5)
|
—
|
1
|
1
|
|
1
|
—
|
Profit before impairment
|
208
|
183
|
|
123
|
218
|
260
|
254
|
|
258
|
224
|
Credit impairment (charges)/releases
|
(8)
|
(15)
|
|
(18)
|
(15)
|
84
|
(24)
|
|
(52)
|
32
|
Profit before tax
|
200
|
168
|
|
105
|
203
|
344
|
230
|
|
206
|
256
|
Attributable profit
|
135
|
113
|
|
59
|
129
|
239
|
157
|
|
131
|
172
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet information
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
Loans and advances to customers at amortised cost
|
25.7
|
25.7
|
|
26.4
|
26.9
|
26.9
|
27.2
|
|
26.9
|
27.2
|
Deposits at amortised cost
|
84.9
|
81.7
|
|
84.9
|
82.7
|
82.6
|
83.6
|
|
84.4
|
86.1
|
Risk weighted assets
|
21.9
|
21.4
|
|
20.9
|
19.5
|
20.6
|
20.2
|
|
21.1
|
20.4
|
Period end allocated tangible equity
|
3.0
|
3.0
|
|
3.0
|
2.8
|
2.9
|
2.9
|
|
3.0
|
2.9
|
|
|
|
|
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
18.0%
|
15.2%
|
|
8.4%
|
18.3%
|
32.9%
|
21.7%
|
|
17.8%
|
23.4%
|
Average allocated tangible equity (£bn)
|
3.0
|
3.0
|
|
2.8
|
2.8
|
2.9
|
2.9
|
|
2.9
|
2.9
|
Cost: income ratio
|
53%
|
58%
|
|
68%
|
50%
|
45%
|
45%
|
|
46%
|
48%
|
Loan loss rate (bps)
|
12
|
23
|
|
27
|
21
|
(123)
|
36
|
|
74
|
(45)
|
|
|
|
|
|
|
|
|
|
|
|
Analysis of total income
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
Corporate lending
|
57
|
72
|
|
64
|
69
|
68
|
61
|
|
66
|
56
|
Transaction banking
|
386
|
362
|
|
331
|
371
|
404
|
402
|
|
411
|
377
|
Total income
|
443
|
434
|
|
395
|
440
|
472
|
463
|
|
477
|
433
|
Barclays Private Bank and Wealth Management
|
|
|
|
|
|
|
|
|
|
|
|
Q224
|
Q124
|
|
Q423
|
Q323
|
Q223
|
Q123
|
|
Q422
|
Q322
|
Income statement information
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
Net interest income
|
187
|
175
|
|
182
|
219
|
186
|
181
|
|
205
|
197
|
Net fee, commission and other income
|
133
|
137
|
|
131
|
118
|
113
|
78
|
|
81
|
72
|
Total income
|
320
|
312
|
|
313
|
337
|
299
|
259
|
|
286
|
269
|
Operating costs
|
(220)
|
(214)
|
|
(255)
|
(214)
|
(182)
|
(144)
|
|
(153)
|
(135)
|
UK regulatory levies
|
—
|
(3)
|
|
(4)
|
—
|
—
|
—
|
|
(4)
|
—
|
Litigation and conduct
|
1
|
—
|
|
2
|
—
|
—
|
—
|
|
—
|
—
|
Total operating expenses
|
(219)
|
(217)
|
|
(257)
|
(214)
|
(182)
|
(144)
|
|
(157)
|
(135)
|
Other net income
|
—
|
—
|
|
—
|
—
|
—
|
—
|
|
—
|
—
|
Profit before impairment
|
101
|
95
|
|
56
|
123
|
117
|
115
|
|
129
|
134
|
Credit impairment releases/(charges)
|
3
|
—
|
|
4
|
2
|
(7)
|
(3)
|
|
(10)
|
—
|
Profit before tax
|
104
|
95
|
|
60
|
125
|
110
|
112
|
|
119
|
134
|
Attributable profit
|
77
|
74
|
|
47
|
102
|
91
|
90
|
|
92
|
108
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet information
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
Loans and advances to customers at amortised cost
|
13.9
|
13.7
|
|
13.6
|
13.4
|
13.8
|
14.3
|
|
14.4
|
14.6
|
Deposits at amortised cost
|
64.6
|
61.9
|
|
60.3
|
59.7
|
59.2
|
60.8
|
|
62.3
|
62.9
|
Risk weighted assets
|
7.0
|
7.2
|
|
7.2
|
7.2
|
7.2
|
7.5
|
|
7.8
|
7.9
|
Period end allocated tangible equity
|
1.0
|
1.0
|
|
1.0
|
1.0
|
1.0
|
1.0
|
|
1.1
|
1.1
|
Client assets and liabilities1
|
198.5
|
189.1
|
|
182.9
|
178.7
|
174.1
|
141.5
|
|
139.4
|
138.4
|
|
|
|
|
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
30.8%
|
28.7%
|
|
19.1%
|
41.2%
|
35.9%
|
34.5%
|
|
34.9%
|
41.7%
|
Average allocated tangible equity (£bn)
|
1.0
|
1.0
|
|
1.0
|
1.0
|
1.0
|
1.0
|
|
1.1
|
1.0
|
Cost: income ratio
|
68%
|
70%
|
|
82%
|
63%
|
61%
|
56%
|
|
55%
|
50%
|
Loan loss rate (bps)
|
(9)
|
—
|
|
(10)
|
(7)
|
20
|
7
|
|
26
|
1
|
1
|
Client assets and liabilities refers to customer deposits, lending
and invested assets.
|
Barclays Investment Bank
|
|
|
|
|
|
|
|
|
|
|
|
Q224
|
Q124
|
|
Q423
|
Q323
|
Q223
|
Q123
|
|
Q422
|
Q322
|
Income statement information
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
Net interest income
|
268
|
197
|
|
282
|
397
|
555
|
159
|
|
228
|
304
|
Net trading income
|
1,485
|
1,982
|
|
757
|
1,497
|
1,351
|
2,435
|
|
1,197
|
1,346
|
Net fee, commission and other income
|
1,266
|
1,149
|
|
998
|
792
|
837
|
975
|
|
731
|
794
|
Total income
|
3,019
|
3,328
|
|
2,037
|
2,686
|
2,743
|
3,569
|
|
2,156
|
2,444
|
Operating costs
|
(1,900)
|
(1,957)
|
|
(1,934)
|
(1,840)
|
(1,813)
|
(2,032)
|
|
(1,619)
|
(1,869)
|
UK regulatory levies
|
—
|
(33)
|
|
(123)
|
—
|
—
|
—
|
|
(119)
|
—
|
Litigation and conduct
|
(3)
|
(9)
|
|
(2)
|
6
|
(1)
|
2
|
|
(55)
|
498
|
Total operating expenses
|
(1,903)
|
(1,999)
|
|
(2,059)
|
(1,834)
|
(1,814)
|
(2,030)
|
|
(1,793)
|
(1,371)
|
Other net (expenses)/income
|
—
|
—
|
|
(1)
|
2
|
—
|
(1)
|
|
1
|
1
|
Profit/(loss) before impairment
|
1,116
|
1,329
|
|
(23)
|
854
|
929
|
1,538
|
|
364
|
1,074
|
Credit impairment (charges)/ releases
|
(44)
|
10
|
|
(23)
|
23
|
(77)
|
(25)
|
|
(22)
|
(93)
|
Profit/(loss) before tax
|
1,072
|
1,339
|
|
(46)
|
877
|
852
|
1,513
|
|
342
|
981
|
Attributable profit/(loss)
|
715
|
899
|
|
(149)
|
580
|
562
|
1,048
|
|
313
|
847
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet information
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
Loans and advances to customers at amortised cost
|
66.6
|
64.6
|
|
62.7
|
62.3
|
59.1
|
63.1
|
|
64.6
|
67.5
|
Loans and advances to banks at amortised cost
|
6.6
|
7.6
|
|
7.3
|
9.5
|
9.0
|
9.1
|
|
8.1
|
10.1
|
Debt securities at amortised cost
|
41.7
|
40.4
|
|
38.9
|
36.3
|
35.1
|
30.7
|
|
27.2
|
36.2
|
Loans and advances at amortised cost
|
114.9
|
112.6
|
|
108.9
|
108.1
|
103.2
|
102.9
|
|
99.9
|
113.8
|
Trading portfolio assets
|
197.2
|
195.3
|
|
174.5
|
155.3
|
165.0
|
137.6
|
|
133.7
|
126.1
|
Derivative financial instrument assets
|
251.4
|
248.9
|
|
255.1
|
280.4
|
264.8
|
256.5
|
|
301.6
|
415.5
|
Financial assets at fair value through the income
statement
|
211.7
|
225.1
|
|
202.5
|
237.2
|
231.1
|
243.8
|
|
209.4
|
243.6
|
Cash collateral and settlement balances
|
139.8
|
129.8
|
|
102.3
|
134.6
|
122.1
|
124.3
|
|
106.2
|
162.2
|
Deposits at amortised cost
|
151.3
|
151.1
|
|
132.7
|
154.2
|
142.9
|
137.3
|
|
121.5
|
143.4
|
Derivative financial instrument liabilities
|
241.8
|
241.5
|
|
249.7
|
268.3
|
254.5
|
246.7
|
|
288.9
|
394.2
|
Risk weighted assets
|
203.3
|
200.4
|
|
197.3
|
201.1
|
197.2
|
198.0
|
|
195.9
|
211.4
|
Period end allocated tangible equity
|
29.7
|
29.6
|
|
29.0
|
29.0
|
28.7
|
28.9
|
|
28.6
|
30.8
|
|
|
|
|
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
9.6%
|
12.0%
|
|
(2.1)%
|
8.0%
|
7.7%
|
14.4%
|
|
4.0%
|
10.9%
|
Average allocated tangible equity (£bn)
|
29.9
|
30.0
|
|
28.9
|
28.8
|
29.0
|
29.1
|
|
30.9
|
31.2
|
Cost: income ratio
|
63%
|
60%
|
|
101%
|
68%
|
66%
|
57%
|
|
83%
|
56%
|
Loan loss rate (bps)
|
15
|
(4)
|
|
8
|
(8)
|
30
|
10
|
|
9
|
32
|
|
|
|
|
|
|
|
|
|
|
|
Analysis of total income
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
FICC
|
1,149
|
1,404
|
|
724
|
1,147
|
1,186
|
1,788
|
|
976
|
1,546
|
Equities
|
696
|
883
|
|
431
|
675
|
563
|
704
|
|
440
|
246
|
Global Markets
|
1,845
|
2,287
|
|
1,155
|
1,822
|
1,749
|
2,492
|
|
1,416
|
1,792
|
Advisory
|
138
|
148
|
|
171
|
80
|
130
|
212
|
|
197
|
150
|
Equity
capital markets
|
121
|
68
|
|
38
|
62
|
69
|
50
|
|
40
|
42
|
Debt
capital markets
|
420
|
401
|
|
301
|
233
|
273
|
341
|
|
243
|
341
|
Banking
Fees and Underwriting
|
679
|
617
|
|
510
|
375
|
472
|
603
|
|
480
|
533
|
Corporate
lending
|
87
|
42
|
|
(23)
|
103
|
100
|
33
|
|
(194)
|
(237)
|
Transaction
banking
|
408
|
382
|
|
395
|
386
|
422
|
441
|
|
454
|
356
|
International
Corporate Banking
|
495
|
424
|
|
372
|
489
|
522
|
474
|
|
260
|
119
|
Investment Banking
|
1,174
|
1,041
|
|
882
|
864
|
994
|
1,077
|
|
740
|
652
|
Total income
|
3,019
|
3,328
|
|
2,037
|
2,686
|
2,743
|
3,569
|
|
2,156
|
2,444
|
Barclays US Consumer Bank
|
|
|
|
|
|
|
|
|
|
|
|
Q224
|
Q124
|
|
Q423
|
Q323
|
Q223
|
Q123
|
|
Q422
|
Q322
|
Income statement information
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
Net interest income
|
646
|
688
|
|
686
|
662
|
622
|
634
|
|
639
|
616
|
Net fee, commission, trading and other income
|
173
|
171
|
|
180
|
147
|
145
|
192
|
|
149
|
137
|
Total income
|
819
|
859
|
|
866
|
809
|
767
|
826
|
|
788
|
753
|
Operating costs
|
(408)
|
(387)
|
|
(418)
|
(404)
|
(401)
|
(427)
|
|
(425)
|
(429)
|
UK regulatory levies
|
—
|
—
|
|
—
|
—
|
—
|
—
|
|
—
|
—
|
Litigation and conduct
|
(2)
|
(3)
|
|
(2)
|
—
|
(4)
|
—
|
|
(3)
|
—
|
Total operating expenses
|
(410)
|
(390)
|
|
(420)
|
(404)
|
(405)
|
(427)
|
|
(428)
|
(429)
|
Other net income
|
—
|
—
|
|
—
|
—
|
—
|
—
|
|
—
|
—
|
Profit before impairment
|
409
|
469
|
|
446
|
405
|
362
|
399
|
|
360
|
324
|
Credit impairment charges
|
(309)
|
(410)
|
|
(449)
|
(404)
|
(264)
|
(321)
|
|
(224)
|
(172)
|
Profit/(loss) before tax
|
100
|
59
|
|
(3)
|
1
|
98
|
78
|
|
136
|
152
|
Attributable profit/(loss)
|
75
|
44
|
|
(3)
|
3
|
72
|
59
|
|
101
|
107
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet information
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
Loans and advances to customers at amortised cost
|
24.3
|
23.6
|
|
24.2
|
24.3
|
22.9
|
22.5
|
|
23.6
|
23.6
|
Deposits at amortised cost
|
20.0
|
20.3
|
|
19.7
|
19.3
|
17.9
|
18.1
|
|
18.3
|
19.8
|
Risk weighted assets
|
24.4
|
23.9
|
|
24.8
|
24.1
|
22.5
|
22.5
|
|
23.9
|
23.6
|
Period end allocated tangible equity
|
3.3
|
3.3
|
|
3.4
|
3.3
|
3.1
|
3.1
|
|
3.3
|
3.2
|
|
|
|
|
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
9.2%
|
5.3%
|
|
(0.3)%
|
0.4%
|
9.3%
|
7.5%
|
|
12.6%
|
13.9%
|
Average allocated tangible equity (£bn)
|
3.3
|
3.3
|
|
3.3
|
3.1
|
3.1
|
3.1
|
|
3.2
|
3.1
|
Cost: income ratio
|
50%
|
46%
|
|
48%
|
50%
|
53%
|
52%
|
|
54%
|
57%
|
Loan loss rate (bps)
|
438
|
610
|
|
636
|
582
|
411
|
515
|
|
337
|
257
|
Net interest margin
|
10.43%
|
11.12%
|
|
10.88%
|
10.88%
|
10.66%
|
10.97%
|
|
10.64%
|
10.81%
|
Head Office
|
|
|
|
|
|
|
|
|
|
|
|
Q224
|
Q124
|
|
Q423
|
Q323
|
Q223
|
Q123
|
|
Q422
|
Q322
|
Income statement information
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
Net interest income
|
62
|
186
|
|
167
|
87
|
(52)
|
151
|
|
(255)
|
81
|
Net fee, commission and other income
|
(226)
|
8
|
|
28
|
26
|
95
|
8
|
|
379
|
55
|
Total income
|
(164)
|
194
|
|
195
|
113
|
43
|
159
|
|
124
|
136
|
Operating costs
|
(195)
|
(211)
|
|
(717)
|
(210)
|
(221)
|
(204)
|
|
(229)
|
(229)
|
UK regulatory levies
|
—
|
—
|
|
(14)
|
—
|
—
|
—
|
|
(20)
|
—
|
Litigation and conduct
|
1
|
(44)
|
|
1
|
(16)
|
(32)
|
(1)
|
|
(9)
|
(155)
|
Total operating expenses
|
(194)
|
(255)
|
|
(730)
|
(226)
|
(253)
|
(205)
|
|
(258)
|
(384)
|
Other net income/(expenses)
|
4
|
12
|
|
(10)
|
7
|
2
|
(5)
|
|
7
|
(1)
|
Loss before impairment
|
(354)
|
(49)
|
|
(545)
|
(106)
|
(208)
|
(51)
|
|
(127)
|
(249)
|
Credit impairment (charges)/releases
|
(18)
|
(40)
|
|
(29)
|
20
|
(13)
|
(38)
|
|
(33)
|
(67)
|
Loss before tax
|
(372)
|
(89)
|
|
(574)
|
(86)
|
(221)
|
(89)
|
|
(160)
|
(316)
|
Attributable loss
|
(349)
|
(59)
|
|
(447)
|
(71)
|
(170)
|
(86)
|
|
(75)
|
(271)
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet information
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
Risk weighted assets
|
18.3
|
20.2
|
|
19.0
|
16.8
|
16.4
|
15.6
|
|
14.7
|
14.3
|
Period end allocated tangible equity
|
2.7
|
3.0
|
|
3.6
|
2.0
|
(0.5)
|
1.1
|
|
0.7
|
(2.6)
|
|
|
|
|
|
|
|
|
|
|
|
Performance measures
|
|
|
|
|
|
|
|
|
|
|
Average allocated tangible equity (£bn)
|
2.1
|
2.8
|
|
2.7
|
0.7
|
0.5
|
1.2
|
|
(1.6)
|
0.5
|
Performance Management
Margins and balances
|
|
Half year ended 30.06.24
|
Half year ended 30.06.23
|
|
Net interest income
|
Average customer assets
|
Net interest margin
|
Net interest income
|
Average customer assets
|
Net interest margin
|
|
£m
|
£m
|
%
|
£m
|
£m
|
%
|
Barclays UK
|
3,146
|
200,599
|
3.15
|
3,278
|
206,653
|
3.20
|
Barclays UK Corporate Bank
|
573
|
22,454
|
5.13
|
609
|
23,187
|
5.30
|
Barclays Private Bank and Wealth Management
|
362
|
13,762
|
5.29
|
367
|
14,309
|
5.17
|
Barclays US Consumer Bank
|
1,334
|
24,890
|
10.78
|
1,256
|
23,428
|
10.81
|
Group excluding IB and Head Office
|
5,415
|
261,705
|
4.16
|
5,510
|
267,577
|
4.15
|
Barclays Investment Bank
|
465
|
|
|
714
|
|
|
Head Office
|
248
|
|
|
99
|
|
|
Total Barclays Group net interest income
|
6,128
|
|
|
6,323
|
|
|
The Group excluding IB and Head Office NIM has increased by 1bp
from 4.15% in H123 to 4.16% in H124, due to higher cards balances
in USCB and continued structural hedge momentum, partially offset
by mortgage margin pressure and adverse product dynamics in
deposits in Barclays UK.
Quarterly analysis
|
|
|
|
Q224
|
Q124
|
Q423
|
Q323
|
Q223
|
Net interest income
|
£m
|
£m
|
£m
|
£m
|
£m
|
Barclays UK
|
1,597
|
1,549
|
1,575
|
1,578
|
1,660
|
Barclays UK Corporate Bank
|
296
|
277
|
247
|
304
|
299
|
Barclays Private Bank and Wealth Management
|
187
|
175
|
182
|
219
|
186
|
Barclays US Consumer Bank
|
646
|
688
|
686
|
662
|
622
|
Group excluding IB and Head Office
|
2,726
|
2,689
|
2,690
|
2,763
|
2,767
|
|
|
|
|
|
|
Average customer assets
|
£m
|
£m
|
£m
|
£m
|
£m
|
Barclays UK
|
199,529
|
201,669
|
203,646
|
205,693
|
207,073
|
Barclays UK Corporate Bank
|
22,474
|
22,257
|
23,354
|
23,225
|
23,094
|
Barclays Private Bank and Wealth Management
|
13,931
|
13,593
|
13,525
|
13,594
|
14,173
|
Barclays US Consumer Bank
|
24,899
|
24,880
|
25,012
|
24,128
|
23,404
|
Group excluding IB and Head Office
|
260,833
|
262,399
|
265,537
|
266,640
|
267,744
|
|
|
|
|
|
|
Net interest margin
|
%
|
%
|
%
|
%
|
%
|
Barclays UK
|
3.22
|
3.09
|
3.07
|
3.04
|
3.22
|
Barclays UK Corporate Bank
|
5.30
|
5.00
|
4.19
|
5.19
|
5.19
|
Barclays Private Bank and Wealth Management
|
5.40
|
5.17
|
5.33
|
6.40
|
5.26
|
Barclays US Consumer Bank
|
10.43
|
11.12
|
10.88
|
10.88
|
10.66
|
Group excluding IB and Head Office
|
4.20
|
4.12
|
4.02
|
4.11
|
4.15
|
Structural hedge
The Group employs a structural hedge programme designed to
stabilise NIM on fixed rate non-maturity balance sheet items that
are behaviourally stable. As interest rates move, such balances
would otherwise drive material income volatility where there is a
re-pricing mismatch with floating rate assets.
The structural hedge predominantly covers non-interest-bearing
current accounts and the fixed portion of instant access savings
accounts as well as equity, which are invested into either floating
rate customer assets or balances at central banks, creating an
exposure to changes in interest rates. The structural hedge is
executed via a portfolio of receive fixed, pay variable interest
rate swaps, with an amortising structure so that a small portion
matures and is reinvested each month at prevailing market rates.
The pay-floating leg of the interest rate swaps nets down a
proportion of the receive-floating income from the customer assets,
leaving a receive-fixed income stream from the structural
hedge.
The purpose of the structural hedge is to smooth the Group NII
through time. The floating leg of the swap will re-price
immediately, whereas the fixed rate yield on the portfolio reprices
gradually, as a portion of the swap portfolio matures and the roll
is re-invested onto new market rates.
When interest rates are higher than our structural hedge yield, the
pay floating rate will typically be higher than our average receive
fixed rate. In this scenario, when viewed in isolation, the
structural hedge will be a net drag to Group NII. When floating
rates are lower than our structural hedge yield, the hedge in
isolation will be a net benefit.
Since the receive-fixed swaps are booked for a specific term, an
element of NII is ‘locked in’. The income stabilising
feature of the structural hedge provides greater net interest
income certainty through the interest rate cycle.
The structural hedge is one component of a larger portfolio of
interest rate risk management activities that includes
non-structural hedging (e.g., pay fixed receive variable flows for
asset hedging), and other offsetting flows. The net risk of these
positions is executed externally through interest rate swaps and
managed for accounting risk (i.e. income volatility arising from
the accounting mismatch of swaps at FVTPL and underlying hedged
items at amortised cost) within the cash flow hedge reserve.
Overall the Group has external derivatives designated as cash flow
hedges that hedge interest rate risk with a notional £112bn
(December 2023: £128bn) which reflects the structural hedge
notional of £239bn (December 2023: £246bn) netted with
non-structural hedging positions of £127bn (December 2023:
£118bn). The majority of these interest rate swaps are cleared
with Central Clearing Counterparties and margined daily with an
average duration of between 2.5 years and 3 years.
Gross structural hedge contributions were £2,222m (H123:
£1,639m). Gross structural hedge contributions represent the
absolute interest income earned on the fixed legs of the swaps in
the structural hedge as the floating leg is offset by the base rate
funding of the deposits.
Risk Management
Risk management and principal risks
The roles and responsibilities of the business groups, Risk and
Compliance in the management of risk in the Group are defined in
the Enterprise Risk Management Framework (ERMF). The purpose of the
ERMF is to identify the principal risks of the Group, the process
by which the Group sets its appetite for these risks in its
business activities, and the consequent limits which it places on
related risk taking.
The ERMF identifies nine principal risks: credit risk, market risk,
treasury and capital risk, climate risk, operational risk, model
risk, compliance risk, reputation risk and legal risk. Further
detail on these principal risks and material existing and emerging
risks and how such risks are managed is available in the Barclays
PLC Annual Report 2023, which can be accessed at
home.barclays/annualreport.
There have been no significant changes
to these principal risks or previously identified material existing
and emerging risks in the period and these risks are expected to be
relevant for the remaining six months of this
year.
The following sections give an overview of credit risk, market
risk, and treasury and capital risk for the period.
Credit Risk
Loans and
advances at amortised cost by geography
Total loans and advances at amortised cost in the credit risk
performance section includes loans and advances at amortised cost
to banks and loans and advances at amortised cost to
customers.
The table below presents a product and geographical breakdown by
stages of loans and advances at amortised cost and the impairment
allowance. Also included are stage allocation of debt securities
and off-balance sheet loan commitments and financial guarantee
contracts by gross exposure, impairment allowance and coverage
ratio.
Impairment allowance under IFRS 9 considers both the drawn and the
undrawn counterparty exposure. For retail portfolios, the total
impairment allowance is allocated to gross loans and advances to
the extent allowance does not exceed the drawn exposure and any
excess is reported on the liabilities side of the balance sheet as
a provision. For corporate portfolios, impairment allowance on
undrawn exposure is reported on the liability side of the balance
sheet as a provision.
|
Gross exposure
|
|
Impairment allowance
|
|
|
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
|
|
As at 30.06.24
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
|
Retail mortgages
|
142,023
|
20,811
|
1,691
|
164,525
|
|
39
|
80
|
101
|
220
|
|
|
Retail credit cards
|
8,673
|
2,021
|
194
|
10,888
|
|
109
|
459
|
95
|
663
|
|
|
Retail other
|
6,773
|
1,181
|
236
|
8,190
|
|
51
|
112
|
142
|
305
|
|
|
Corporate loans1
|
50,913
|
8,266
|
1,525
|
60,704
|
|
159
|
184
|
327
|
670
|
|
|
Total UK
|
208,382
|
32,279
|
3,646
|
244,307
|
|
358
|
835
|
665
|
1,858
|
|
|
Retail mortgages
|
1,570
|
37
|
510
|
2,117
|
|
2
|
—
|
278
|
280
|
|
|
Retail credit cards
|
21,766
|
3,325
|
1,844
|
26,935
|
|
399
|
1,075
|
1,507
|
2,981
|
|
|
Retail other
|
1,618
|
131
|
162
|
1,911
|
|
2
|
1
|
26
|
29
|
|
|
Corporate loans
|
63,197
|
4,054
|
992
|
68,243
|
|
91
|
158
|
307
|
556
|
|
|
Total Rest of the World
|
88,151
|
7,547
|
3,508
|
99,206
|
|
494
|
1,234
|
2,118
|
3,846
|
|
|
Total loans and advances at amortised cost
|
296,533
|
39,826
|
7,154
|
343,513
|
|
852
|
2,069
|
2,783
|
5,704
|
|
|
Debt securities at amortised cost
|
58,088
|
3,632
|
—
|
61,720
|
|
10
|
10
|
—
|
20
|
|
|
Total loans and advances at amortised cost including debt
securities
|
354,621
|
43,458
|
7,154
|
405,233
|
|
862
|
2,079
|
2,783
|
5,724
|
|
|
Off-balance sheet loan commitments and financial guarantee
contracts2
|
390,104
|
19,948
|
1,034
|
411,086
|
|
186
|
256
|
32
|
474
|
|
|
Total3,4
|
744,725
|
63,406
|
8,188
|
816,319
|
|
1,048
|
2,335
|
2,815
|
6,198
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net exposure
|
|
Coverage ratio
|
|
|
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
|
|
As at 30.06.24
|
£m
|
£m
|
£m
|
£m
|
|
%
|
%
|
%
|
%
|
|
|
Retail mortgages
|
141,984
|
20,731
|
1,590
|
164,305
|
|
—
|
0.4
|
6.0
|
0.1
|
|
|
Retail credit cards
|
8,564
|
1,562
|
99
|
10,225
|
|
1.3
|
22.7
|
49.0
|
6.1
|
|
|
Retail other
|
6,722
|
1,069
|
94
|
7,885
|
|
0.8
|
9.5
|
60.2
|
3.7
|
|
|
Corporate loans1
|
50,754
|
8,082
|
1,198
|
60,034
|
|
0.3
|
2.2
|
21.4
|
1.1
|
|
|
Total UK
|
208,024
|
31,444
|
2,981
|
242,449
|
|
0.2
|
2.6
|
18.2
|
0.8
|
|
|
Retail mortgages
|
1,568
|
37
|
232
|
1,837
|
|
0.1
|
—
|
54.5
|
13.2
|
|
|
Retail credit cards
|
21,367
|
2,250
|
337
|
23,954
|
|
1.8
|
32.3
|
81.7
|
11.1
|
|
|
Retail other
|
1,616
|
130
|
136
|
1,882
|
|
0.1
|
0.8
|
16.0
|
1.5
|
|
|
Corporate loans
|
63,106
|
3,896
|
685
|
67,687
|
|
0.1
|
3.9
|
30.9
|
0.8
|
|
|
Total Rest of the World
|
87,657
|
6,313
|
1,390
|
95,360
|
|
0.6
|
16.4
|
60.4
|
3.9
|
|
|
Total loans and advances at amortised cost
|
295,681
|
37,757
|
4,371
|
337,809
|
|
0.3
|
5.2
|
38.9
|
1.7
|
|
|
Debt securities at amortised cost
|
58,078
|
3,622
|
—
|
61,700
|
|
—
|
0.3
|
—
|
—
|
|
|
Total loans and advances at amortised cost including debt
securities
|
353,759
|
41,379
|
4,371
|
399,509
|
|
0.2
|
4.8
|
38.9
|
1.4
|
|
|
Off-balance sheet loan commitments and financial guarantee
contracts2
|
389,918
|
19,692
|
1,002
|
410,612
|
|
—
|
1.3
|
3.1
|
0.1
|
|
|
Total3,4
|
743,677
|
61,071
|
5,373
|
810,121
|
|
0.1
|
3.7
|
34.4
|
0.8
|
|
|
1
|
Includes Business Banking, which has a gross exposure of
£14.1bn and an impairment allowance of £367m. This
comprises £79m impairment allowance on £9.6bn Stage 1
exposure, £53m on £3.3bn Stage 2 exposure and £235m
on £1.2bn Stage 3 exposure. Excluding this, total coverage for
corporate loans in UK is 0.7%.
|
2
|
Excludes loan commitments and financial guarantees of £19.3bn
carried at fair value and includes exposures relating to financial
assets classified as assets held for sale.
|
3
|
Other financial assets subject to impairment excluded in the table
above include cash collateral and settlement balances, financial
assets at fair value through other comprehensive income and other
assets. These have a total gross exposure of £228.4bn and an
impairment allowance of £154m. This comprises £18m
impairment allowance on £227.2bn Stage 1 exposure, £3m on
£1.1bn Stage 2 exposure and £133m on £140m Stage 3
exposure.
|
4
|
The annualised loan loss rate is 45bps after applying the total
impairment charge of £897m.
|
|
Gross exposure
|
|
Impairment allowance
|
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
As at 31.12.23
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
Retail mortgages
|
146,001
|
19,123
|
1,812
|
166,936
|
|
43
|
77
|
112
|
232
|
Retail credit cards
|
8,094
|
2,128
|
198
|
10,420
|
|
111
|
492
|
107
|
710
|
Retail other
|
6,832
|
1,252
|
264
|
8,348
|
|
56
|
117
|
144
|
317
|
Corporate loans1
|
54,257
|
8,673
|
1,692
|
64,622
|
|
191
|
214
|
346
|
751
|
Total UK
|
215,184
|
31,176
|
3,966
|
250,326
|
|
401
|
900
|
709
|
2,010
|
Retail mortgages
|
4,201
|
346
|
612
|
5,159
|
|
7
|
28
|
316
|
351
|
Retail credit cards
|
22,315
|
3,450
|
1,522
|
27,287
|
|
412
|
1,138
|
1,226
|
2,776
|
Retail other
|
1,637
|
91
|
229
|
1,957
|
|
3
|
1
|
32
|
36
|
Corporate loans
|
58,248
|
4,629
|
862
|
63,739
|
|
96
|
200
|
252
|
548
|
Total Rest of the World
|
86,401
|
8,516
|
3,225
|
98,142
|
|
518
|
1,367
|
1,826
|
3,711
|
Total loans and advances at amortised cost
|
301,585
|
39,692
|
7,191
|
348,468
|
|
919
|
2,267
|
2,535
|
5,721
|
Debt securities
|
52,869
|
3,907
|
—
|
56,776
|
|
11
|
16
|
—
|
27
|
Total loans and advances at amortised cost including debt
securities
|
354,454
|
43,599
|
7,191
|
405,244
|
|
930
|
2,283
|
2,535
|
5,748
|
Off-balance sheet loan commitments and financial guarantee
contracts2
|
374,063
|
24,208
|
1,037
|
399,308
|
|
173
|
287
|
44
|
504
|
Total3,4
|
728,517
|
67,807
|
8,228
|
804,552
|
|
1,103
|
2,570
|
2,579
|
6,252
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net exposure
|
|
Coverage ratio
|
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
As at 31.12.23
|
£m
|
£m
|
£m
|
£m
|
|
%
|
%
|
%
|
%
|
Retail mortgages
|
145,958
|
19,046
|
1,700
|
166,704
|
|
—
|
0.4
|
6.2
|
0.1
|
Retail credit cards
|
7,983
|
1,636
|
91
|
9,710
|
|
1.4
|
23.1
|
54.0
|
6.8
|
Retail other
|
6,776
|
1,135
|
120
|
8,031
|
|
0.8
|
9.3
|
54.5
|
3.8
|
Corporate loans1
|
54,066
|
8,459
|
1,346
|
63,871
|
|
0.4
|
2.5
|
20.4
|
1.2
|
Total UK
|
214,783
|
30,276
|
3,257
|
248,316
|
|
0.2
|
2.9
|
17.9
|
0.8
|
Retail mortgages
|
4,194
|
318
|
296
|
4,808
|
|
0.2
|
8.1
|
51.6
|
6.8
|
Retail credit cards
|
21,903
|
2,312
|
296
|
24,511
|
|
1.8
|
33.0
|
80.6
|
10.2
|
Retail other
|
1,634
|
90
|
197
|
1,921
|
|
0.2
|
1.1
|
14.0
|
1.8
|
Corporate loans
|
58,152
|
4,429
|
610
|
63,191
|
|
0.2
|
4.3
|
29.2
|
0.9
|
Total Rest of the World
|
85,883
|
7,149
|
1,399
|
94,431
|
|
0.6
|
16.1
|
56.6
|
3.8
|
Total loans and advances at amortised cost
|
300,666
|
37,425
|
4,656
|
342,747
|
|
0.3
|
5.7
|
35.3
|
1.6
|
Debt securities
|
52,858
|
3,891
|
—
|
56,749
|
|
—
|
0.4
|
—
|
—
|
Total loans and advances at amortised cost including debt
securities
|
353,524
|
41,316
|
4,656
|
399,496
|
|
0.3
|
5.2
|
35.3
|
1.4
|
Off-balance sheet loan commitments and financial guarantee
contracts2
|
373,890
|
23,921
|
993
|
398,804
|
|
—
|
1.2
|
4.2
|
0.1
|
Total3,4
|
727,414
|
65,237
|
5,649
|
798,300
|
|
0.2
|
3.8
|
31.3
|
0.8
|
1
|
Includes Business Banking, which has a gross exposure of
£15.2bn and an impairment allowance of £431m. This
comprises £99m impairment allowance on £9.8bn Stage 1
exposure, £81m on £4.1bn Stage 2 exposure and £251m
on £1.3bn Stage 3 exposure. Excluding this, total coverage for
corporate loans in UK is 0.6%.
|
2
|
Excludes loan commitments and financial guarantees of £16.5bn
carried at fair value and includes exposures relating to financial
assets classified as assets held for sale.
|
3
|
Other financial assets subject to impairment not included in the
table above include cash collateral and settlement balances,
financial assets at fair value through other comprehensive income
and other assets. These have a total gross exposure of
£183.6bn and impairment allowance of £151m. This
comprises £16m impairment allowance on £182.8bn Stage 1
exposure, £2m on £0.6bn Stage 2 exposure and £133m
on £140m Stage 3 exposure.
|
4
|
The annualised loan loss rate is 46bps after applying the total
impairment charge of £1,881m.
|
Assets held for sale
During 2023, gross loans and advances and related impairment
allowances for the German consumer finance business portfolio were
reclassified from loans and advances to customers to assets held
for sale in the balance sheet.
Loans and advances to customers classified as assets held for
sale
|
|
Stage 1
|
|
Stage 2
|
|
Stage 3
|
|
Total
|
|
Gross
|
ECL
|
Coverage
|
|
Gross
|
ECL
|
Coverage
|
|
Gross
|
ECL
|
Coverage
|
|
Gross
|
ECL
|
Coverage
|
As at 30.06.24
|
£m
|
£m
|
%
|
|
£m
|
£m
|
%
|
|
£m
|
£m
|
%
|
|
£m
|
£m
|
%
|
Retail credit cards
|
1,660
|
17
|
1.0
|
|
453
|
41
|
9.1
|
|
93
|
68
|
73.1
|
|
2,206
|
126
|
5.7
|
Retail other
|
1,361
|
18
|
1.3
|
|
259
|
35
|
13.5
|
|
79
|
55
|
69.6
|
|
1,699
|
108
|
6.4
|
Total Rest of the World
|
3,021
|
35
|
1.2
|
|
712
|
76
|
10.7
|
|
172
|
123
|
71.5
|
|
3,905
|
234
|
6.0
|
As at 31.12.23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail credit cards
|
1,621
|
15
|
0.9
|
|
445
|
41
|
9.2
|
|
92
|
68
|
73.9
|
|
2,158
|
124
|
5.7
|
Retail other
|
1,561
|
20
|
1.3
|
|
288
|
32
|
11.1
|
|
84
|
60
|
71.4
|
|
1,933
|
112
|
5.8
|
Total Rest of the World
|
3,182
|
35
|
1.1
|
|
733
|
73
|
10.0
|
|
176
|
128
|
72.7
|
|
4,091
|
236
|
5.8
|
Loans and advances at amortised cost by product
The table below presents a product breakdown by stages of loans and
advances at amortised cost. Also included is a breakdown of Stage 2
past due balances.
|
|
Stage 2
|
|
|
As at 30.06.24
|
Stage 1
|
Not past due
|
<=30 days past due
|
>30 days past due
|
Total
|
Stage 3
|
Total
|
Gross exposure
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
Retail mortgages
|
143,593
|
17,979
|
2,054
|
815
|
20,848
|
2,201
|
166,642
|
Retail credit cards
|
30,439
|
4,685
|
367
|
294
|
5,346
|
2,038
|
37,823
|
Retail other
|
8,391
|
1,065
|
106
|
141
|
1,312
|
398
|
10,101
|
Corporate loans
|
114,110
|
12,017
|
57
|
246
|
12,320
|
2,517
|
128,947
|
Total
|
296,533
|
35,746
|
2,584
|
1,496
|
39,826
|
7,154
|
343,513
|
|
|
|
|
|
|
|
|
Impairment allowance
|
|
|
|
|
|
|
|
Retail mortgages
|
41
|
44
|
16
|
20
|
80
|
379
|
500
|
Retail credit cards
|
508
|
1,191
|
160
|
183
|
1,534
|
1,602
|
3,644
|
Retail other
|
53
|
78
|
17
|
18
|
113
|
168
|
334
|
Corporate loans
|
250
|
327
|
7
|
8
|
342
|
634
|
1,226
|
Total
|
852
|
1,640
|
200
|
229
|
2,069
|
2,783
|
5,704
|
|
|
|
|
|
|
|
|
Net exposure
|
|
|
|
|
|
|
|
Retail mortgages
|
143,552
|
17,935
|
2,038
|
795
|
20,768
|
1,822
|
166,142
|
Retail credit cards
|
29,931
|
3,494
|
207
|
111
|
3,812
|
436
|
34,179
|
Retail other
|
8,338
|
987
|
89
|
123
|
1,199
|
230
|
9,767
|
Corporate loans
|
113,860
|
11,690
|
50
|
238
|
11,978
|
1,883
|
127,721
|
Total
|
295,681
|
34,106
|
2,384
|
1,267
|
37,757
|
4,371
|
337,809
|
|
|
|
|
|
|
|
|
Coverage ratio
|
%
|
%
|
%
|
%
|
%
|
%
|
%
|
Retail mortgages
|
—
|
0.2
|
0.8
|
2.5
|
0.4
|
17.2
|
0.3
|
Retail credit cards
|
1.7
|
25.4
|
43.6
|
62.2
|
28.7
|
78.6
|
9.6
|
Retail other
|
0.6
|
7.3
|
16.0
|
12.8
|
8.6
|
42.2
|
3.3
|
Corporate loans
|
0.2
|
2.7
|
12.3
|
3.3
|
2.8
|
25.2
|
1.0
|
Total
|
0.3
|
4.6
|
7.7
|
15.3
|
5.2
|
38.9
|
1.7
|
As at 31.12.23
|
|
|
|
|
|
|
|
Gross exposure
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
Retail mortgages
|
150,202
|
16,834
|
1,971
|
664
|
19,469
|
2,424
|
172,095
|
Retail credit cards
|
30,409
|
4,858
|
392
|
328
|
5,578
|
1,720
|
37,707
|
Retail other
|
8,469
|
1,094
|
126
|
123
|
1,343
|
493
|
10,305
|
Corporate loans
|
112,505
|
12,960
|
179
|
163
|
13,302
|
2,554
|
128,361
|
Total
|
301,585
|
35,746
|
2,668
|
1,278
|
39,692
|
7,191
|
348,468
|
|
|
|
|
|
|
|
|
Impairment allowance
|
|
|
|
|
|
|
|
Retail mortgages
|
50
|
73
|
20
|
12
|
105
|
428
|
583
|
Retail credit cards
|
523
|
1,257
|
166
|
207
|
1,630
|
1,333
|
3,486
|
Retail other
|
59
|
82
|
18
|
18
|
118
|
176
|
353
|
Corporate loans
|
287
|
399
|
8
|
7
|
414
|
598
|
1,299
|
Total
|
919
|
1,811
|
212
|
244
|
2,267
|
2,535
|
5,721
|
|
|
|
|
|
|
|
|
Net exposure
|
|
|
|
|
|
|
|
Retail mortgages
|
150,152
|
16,761
|
1,951
|
652
|
19,364
|
1,996
|
171,512
|
Retail credit cards
|
29,886
|
3,601
|
226
|
121
|
3,948
|
387
|
34,221
|
Retail other
|
8,410
|
1,012
|
108
|
105
|
1,225
|
317
|
9,952
|
Corporate loans
|
112,218
|
12,561
|
171
|
156
|
12,888
|
1,956
|
127,062
|
Total
|
300,666
|
33,935
|
2,456
|
1,034
|
37,425
|
4,656
|
342,747
|
|
|
|
|
|
|
|
|
Coverage ratio
|
%
|
%
|
%
|
%
|
%
|
%
|
%
|
Retail mortgages
|
—
|
0.4
|
1.0
|
1.8
|
0.5
|
17.7
|
0.3
|
Retail credit cards
|
1.7
|
25.9
|
42.3
|
63.1
|
29.2
|
77.5
|
9.2
|
Retail other
|
0.7
|
7.5
|
14.3
|
14.6
|
8.8
|
35.7
|
3.4
|
Corporate loans
|
0.3
|
3.1
|
4.5
|
4.3
|
3.1
|
23.4
|
1.0
|
Total
|
0.3
|
5.1
|
7.9
|
19.1
|
5.7
|
35.3
|
1.6
|
Movement in gross exposures and impairment allowance including
provisions for loan commitments and financial
guarantees
The following tables present a reconciliation of the opening to the
closing balance of the exposure and impairment
allowance.
Transfers between stages in the tables have been reflected as if
they had taken place at the beginning of the period. 'Net
drawdowns, repayments, net re-measurement and movements due to
exposure and risk parameter changes' includes additional drawdowns
and partial repayments from existing facilities. Additionally, the
below tables do not include other financial assets subject to
impairment such as debt securities at amortised cost, cash
collateral and settlement balances, financial assets at fair value
through other comprehensive income and other assets.
The movements are measured over a six-month period.
Loans and advances at amortised cost
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
|
Gross exposure
|
ECL
|
Gross exposure
|
ECL
|
Gross exposure
|
ECL
|
Gross exposure
|
ECL
|
Retail mortgages
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
As at 1 January 2024
|
150,202
|
50
|
19,469
|
105
|
2,424
|
428
|
172,095
|
583
|
Transfers from Stage 1 to Stage 2
|
(7,828)
|
(4)
|
7,828
|
4
|
—
|
—
|
—
|
—
|
Transfers from Stage 2 to Stage 1
|
4,688
|
20
|
(4,688)
|
(20)
|
—
|
—
|
—
|
—
|
Transfers to Stage 3
|
(76)
|
(1)
|
(158)
|
(5)
|
234
|
6
|
—
|
—
|
Transfers from Stage 3
|
30
|
3
|
76
|
1
|
(106)
|
(4)
|
—
|
—
|
Business activity in the period
|
9,077
|
3
|
224
|
1
|
—
|
—
|
9,301
|
4
|
Refinements to models used for calculation
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
Net drawdowns, repayments, net re-measurement and movement due to
exposure and risk parameter changes
|
(3,874)
|
(22)
|
(554)
|
29
|
(8)
|
3
|
(4,436)
|
10
|
Final repayments
|
(6,149)
|
(3)
|
(1,033)
|
(6)
|
(204)
|
(12)
|
(7,386)
|
(21)
|
Disposals1
|
(2,477)
|
(5)
|
(316)
|
(29)
|
(129)
|
(32)
|
(2,922)
|
(66)
|
Write-offs
|
—
|
—
|
—
|
—
|
(10)
|
(10)
|
(10)
|
(10)
|
As at 30 June 2024
|
143,593
|
41
|
20,848
|
80
|
2,201
|
379
|
166,642
|
500
|
|
|
|
|
|
|
|
|
|
Retail credit cards
|
|
|
|
|
|
|
|
|
As at 1 January 2024
|
30,409
|
523
|
5,578
|
1,630
|
1,720
|
1,333
|
37,707
|
3,486
|
Transfers from Stage 1 to Stage 2
|
(1,898)
|
(63)
|
1,898
|
63
|
—
|
—
|
—
|
—
|
Transfers from Stage 2 to Stage 1
|
1,595
|
389
|
(1,595)
|
(389)
|
—
|
—
|
—
|
—
|
Transfers to Stage 3
|
(250)
|
(10)
|
(728)
|
(348)
|
978
|
358
|
—
|
—
|
Transfers from Stage 3
|
12
|
6
|
13
|
5
|
(25)
|
(11)
|
—
|
—
|
Business activity in the period
|
1,547
|
31
|
72
|
23
|
1
|
1
|
1,620
|
55
|
Refinements to models used for calculation2
|
—
|
27
|
—
|
(25)
|
—
|
11
|
—
|
13
|
Net drawdowns, repayments, net re-measurement and movement due to
exposure and risk parameter changes
|
(202)
|
(371)
|
306
|
654
|
8
|
526
|
112
|
809
|
Final repayments
|
(75)
|
(4)
|
(22)
|
(9)
|
(2)
|
(2)
|
(99)
|
(15)
|
Disposals1
|
(699)
|
(20)
|
(176)
|
(70)
|
(79)
|
(51)
|
(954)
|
(141)
|
Write-offs
|
—
|
—
|
—
|
—
|
(563)
|
(563)
|
(563)
|
(563)
|
As at 30 June 2024
|
30,439
|
508
|
5,346
|
1,534
|
2,038
|
1,602
|
37,823
|
3,644
|
1
|
The £2.9bn of gross disposals reported within Retail mortgages
relate to sale of the performing Italian mortgage portfolio. The
£954m of gross disposals reported within Retail credit cards
include £876m sale of the outstanding US Cards receivables to
Blackstone and £78m of other debt sales undertaken during the
period.
|
2
|
Refinements to models used for calculation reported within Retail
credit cards include a £43m movement in the US Cards and a
£(30)m movement in the UK Cards portfolio. These reflect model
enhancements made during the period. Barclays continually reviews
the output of models to determine accuracy of the ECL calculation
including review of model monitoring, external benchmarking and
experience of model operation over an extended period of time. This
helps to ensure that the models used continue to reflect the risks
inherent across the businesses.
|
Loans and advances at amortised cost
|
|
|
|
|
|
|
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
|
Gross exposure
|
ECL
|
Gross exposure
|
ECL
|
Gross exposure
|
ECL
|
Gross exposure
|
ECL
|
Retail other
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
As at 1 January 2024
|
8,469
|
59
|
1,343
|
118
|
493
|
176
|
10,305
|
353
|
Transfers from Stage 1 to Stage 2
|
(516)
|
(7)
|
516
|
7
|
—
|
—
|
—
|
—
|
Transfers from Stage 2 to Stage 1
|
371
|
23
|
(371)
|
(23)
|
—
|
—
|
—
|
—
|
Transfers to Stage 3
|
(99)
|
(1)
|
(117)
|
(23)
|
216
|
24
|
—
|
—
|
Transfers from Stage 3
|
26
|
1
|
47
|
1
|
(73)
|
(2)
|
—
|
—
|
Business activity in the period
|
2,092
|
13
|
117
|
9
|
6
|
4
|
2,215
|
26
|
Refinements to models used for calculation
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
Net drawdowns, repayments, net re-measurement and movement due to
exposure and risk parameter changes
|
(254)
|
(28)
|
(107)
|
28
|
(7)
|
55
|
(368)
|
55
|
Final repayments
|
(1,698)
|
(7)
|
(116)
|
(4)
|
(160)
|
(18)
|
(1,974)
|
(29)
|
Disposals1
|
—
|
—
|
—
|
—
|
(24)
|
(18)
|
(24)
|
(18)
|
Write-offs
|
—
|
—
|
—
|
—
|
(53)
|
(53)
|
(53)
|
(53)
|
As at 30 June 2024
|
8,391
|
53
|
1,312
|
113
|
398
|
168
|
10,101
|
334
|
|
|
|
|
|
|
|
|
|
Corporate loans
|
|
|
|
|
|
|
|
|
As at 1 January 2024
|
112,505
|
287
|
13,302
|
414
|
2,554
|
598
|
128,361
|
1,299
|
Transfers from Stage 1 to Stage 2
|
(2,905)
|
(21)
|
2,905
|
21
|
—
|
—
|
—
|
—
|
Transfers from Stage 2 to Stage 1
|
2,769
|
77
|
(2,769)
|
(77)
|
—
|
—
|
—
|
—
|
Transfers to Stage 3
|
(244)
|
(2)
|
(586)
|
(28)
|
830
|
30
|
—
|
—
|
Transfers from Stage 3
|
165
|
8
|
136
|
12
|
(301)
|
(20)
|
—
|
—
|
Business activity in the period
|
15,755
|
27
|
637
|
16
|
136
|
6
|
16,528
|
49
|
Refinements to models used for calculation2
|
—
|
(21)
|
—
|
9
|
—
|
—
|
—
|
(12)
|
Net drawdowns, repayments, net re-measurement and movement due to
exposure and risk parameter changes3
|
4,398
|
(81)
|
(136)
|
26
|
(344)
|
167
|
3,918
|
112
|
Final repayments
|
(18,303)
|
(23)
|
(1,164)
|
(50)
|
(224)
|
(13)
|
(19,691)
|
(86)
|
Disposals1
|
(30)
|
(1)
|
(5)
|
(1)
|
—
|
—
|
(35)
|
(2)
|
Write-offs
|
—
|
—
|
—
|
—
|
(134)
|
(134)
|
(134)
|
(134)
|
As at 30 June 2024
|
114,110
|
250
|
12,320
|
342
|
2,517
|
634
|
128,947
|
1,226
|
1
|
The £24m of gross disposals reported within Retail other
relate to debt sales undertaken during the period. The £35m of
gross disposals reported within Corporate loans relate to debt
sales undertaken during the period.
|
2
|
Refinements to models used for calculation reported within
Corporate loans include a £(33)m movement in the ESHLA and a
£21m movement in the IB portfolio. These reflect model
enhancements made during the period. Barclays continually reviews
the output of models to determine accuracy of the ECL calculation
including review of model monitoring, external benchmarking and
experience of model operation over an extended period of time. This
helps to ensure that the models used continue to reflect the risks
inherent across the businesses.
|
3
|
'Net drawdowns, repayments, net re-measurement and movements due to
exposure and risk parameter changes' reported within Corporate
loans includes assets of £0.3bn de-recognised due to payment
received on defaulted loans from government guarantees issued under
the government’s Bounce Back Loan Scheme.
|
Reconciliation of ECL movement to impairment charge/(release) for
the period
|
|
|
|
|
|
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
|
|
|
|
|
£m
|
£m
|
£m
|
£m
|
Retail mortgages
|
(4)
|
4
|
(7)
|
(7)
|
Retail credit cards
|
5
|
(26)
|
883
|
862
|
Retail other
|
(6)
|
(5)
|
63
|
52
|
Corporate loans
|
(36)
|
(71)
|
170
|
63
|
ECL movements excluding disposals and
write-offs1
|
(41)
|
(98)
|
1,109
|
970
|
ECL movement on
loan commitments and other financial guarantees
|
13
|
(31)
|
(12)
|
(30)
|
ECL movement on other financial assets
|
2
|
1
|
—
|
3
|
ECL movement on debt securities at amortised cost
|
(1)
|
(6)
|
—
|
(7)
|
Recoveries and reimbursements2
|
(31)
|
25
|
(50)
|
(56)
|
ECL charge on assets held for sale
|
|
|
|
44
|
Total exchange and other adjustments
|
|
|
|
(27)
|
Total income statement charge for the period
|
|
|
|
897
|
1
|
In H124, gross write-offs amounted to £760m (H123: £583m)
and post write-off recoveries amounted to £38m (H123:
£21m). Net write-offs represent gross write-offs less post
write-off recoveries and amounted to £722m (H123:
£562m).
|
2
|
Recoveries and reimbursements include £18m (H123 loss:
£3m) for reimbursements expected to be received under the
arrangement where Group has entered into financial guarantee
contracts which provide credit protection over certain assets with
third parties and cash recoveries of previously written off amounts
of £38m (H123: £21m).
|
Loan commitments and financial guarantees
|
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
|
Gross
exposure
|
ECL
|
Gross
exposure
|
ECL
|
Gross
exposure
|
ECL
|
Gross
exposure
|
ECL
|
Retail mortgages
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
As at 1 January 2024
|
7,776
|
—
|
448
|
—
|
4
|
—
|
8,228
|
—
|
Net transfers between stages
|
(25)
|
—
|
25
|
—
|
—
|
—
|
—
|
—
|
Business activity in the period
|
6,279
|
—
|
—
|
—
|
—
|
—
|
6,279
|
—
|
Net drawdowns, repayments, net re-measurement and movement due to
exposure and risk parameter changes
|
(4,289)
|
—
|
(61)
|
—
|
(1)
|
—
|
(4,351)
|
—
|
Limit management and final repayments
|
(165)
|
—
|
(20)
|
—
|
—
|
—
|
(185)
|
—
|
As at 30 June 2024
|
9,576
|
—
|
392
|
—
|
3
|
—
|
9,971
|
—
|
|
|
|
|
|
|
|
|
|
Retail credit cards1
|
|
|
|
|
|
|
|
|
As at 1 January 2024
|
144,791
|
59
|
2,807
|
54
|
142
|
—
|
147,740
|
113
|
Net transfers between stages
|
(1,060)
|
27
|
1,026
|
(27)
|
34
|
—
|
—
|
—
|
Business activity in the period
|
8,925
|
13
|
66
|
3
|
1
|
—
|
8,992
|
16
|
Net drawdowns, repayments, net re-measurement and movement due to
exposure and risk parameter changes
|
3,106
|
(24)
|
(942)
|
18
|
(30)
|
—
|
2,134
|
(6)
|
Limit management and final repayments
|
(5,851)
|
(6)
|
(252)
|
(12)
|
(8)
|
—
|
(6,111)
|
(18)
|
As at 30 June 2024
|
149,911
|
69
|
2,705
|
36
|
139
|
—
|
152,755
|
105
|
|
|
|
|
|
|
|
|
|
Retail other1
|
|
|
|
|
|
|
|
|
As at 1 January 2024
|
8,607
|
6
|
535
|
2
|
44
|
—
|
9,186
|
8
|
Net transfers between stages
|
(8)
|
—
|
1
|
—
|
7
|
—
|
—
|
—
|
Business activity in the period
|
497
|
1
|
84
|
—
|
—
|
—
|
581
|
1
|
Net drawdowns, repayments, net re-measurement and movement due to
exposure and risk parameter changes
|
11
|
(1)
|
(46)
|
(2)
|
(1)
|
—
|
(36)
|
(3)
|
Limit management and final repayments
|
(638)
|
—
|
(7)
|
—
|
(16)
|
—
|
(661)
|
—
|
As at 30 June 2024
|
8,469
|
6
|
567
|
—
|
34
|
—
|
9,070
|
6
|
|
|
|
|
|
|
|
|
|
Corporate loans
|
|
|
|
|
|
|
|
|
As at 1 January 2024
|
212,889
|
108
|
20,418
|
231
|
847
|
44
|
234,154
|
383
|
Net transfers between stages
|
2,361
|
36
|
(2,503)
|
(38)
|
142
|
2
|
—
|
—
|
Business activity in the period
|
48,341
|
19
|
2,365
|
20
|
72
|
—
|
50,778
|
39
|
Net drawdowns, repayments, net re-measurement and movement due to
exposure and risk parameter changes
|
4,879
|
(40)
|
541
|
43
|
(99)
|
(9)
|
5,321
|
(6)
|
Limit management and final repayments
|
(46,322)
|
(12)
|
(4,537)
|
(36)
|
(104)
|
(5)
|
(50,963)
|
(53)
|
As at 30 June 2024
|
222,148
|
111
|
16,284
|
220
|
858
|
32
|
239,290
|
363
|
1
|
Loan commitments reported within Retail credit cards and Retail
other also include financial assets classified as held for
sale.
|
Management adjustments to models for impairment
Management adjustments to impairment models are applied in order to
factor in certain conditions or changes in policy that are not
fully incorporated into the impairment models, or to reflect
additional facts and circumstances at the period end. Management
adjustments are reviewed and incorporated into future model
development where applicable.
Management adjustments are captured through “Economic
uncertainty” and “Other” adjustments, and are
presented by product and geography below:
Management adjustments to models for impairment
allowance presented by product and
geography1
|
Impairment allowance pre management
adjustments2
|
Economic uncertainty adjustments
|
Other adjustments3
|
Management adjustments
|
Total impairment
allowance4
|
Proportion of Management adjustments to total impairment
allowance
|
|
|
(a)
|
(b)
|
(a+b)
|
|
|
As at 30.06.24
|
£m
|
£m
|
£m
|
£m
|
£m
|
%
|
Retail mortgages
|
50
|
42
|
128
|
170
|
220
|
77.3
|
Retail credit cards
|
643
|
45
|
(4)
|
41
|
684
|
6.0
|
Retail other
|
231
|
9
|
70
|
79
|
310
|
25.5
|
Corporate loans
|
683
|
55
|
23
|
78
|
761
|
10.2
|
Total UK
|
1,607
|
151
|
217
|
368
|
1,975
|
18.6
|
Retail mortgages
|
282
|
—
|
(2)
|
(2)
|
280
|
(0.7)
|
Retail credit cards
|
3,065
|
—
|
—
|
—
|
3,065
|
—
|
Retail other
|
28
|
—
|
2
|
2
|
30
|
6.7
|
Corporate loans
|
792
|
—
|
36
|
36
|
828
|
4.3
|
Total Rest of the World
|
4,167
|
—
|
36
|
36
|
4,203
|
0.9
|
Total
|
5,774
|
151
|
253
|
404
|
6,178
|
6.5
|
Debt securities at amortised cost
|
29
|
—
|
(9)
|
(9)
|
20
|
(45.0)
|
Total including debt securities at amortised cost
|
5,803
|
151
|
244
|
395
|
6,198
|
6.4
|
|
|
|
|
|
|
|
As at 31.12.23
|
£m
|
£m
|
£m
|
£m
|
£m
|
%
|
Retail mortgages
|
54
|
57
|
121
|
178
|
232
|
76.7
|
Retail credit cards
|
700
|
45
|
(9)
|
36
|
736
|
4.9
|
Retail other
|
251
|
9
|
62
|
71
|
322
|
22.0
|
Corporate loans
|
761
|
71
|
10
|
81
|
842
|
9.6
|
Total UK
|
1,766
|
182
|
184
|
366
|
2,132
|
17.2
|
Retail mortgages
|
354
|
—
|
(3)
|
(3)
|
351
|
(0.9)
|
Retail credit cards
|
2,855
|
—
|
8
|
8
|
2,863
|
0.3
|
Retail other
|
45
|
—
|
(6)
|
(6)
|
39
|
(15.4)
|
Corporate loans
|
828
|
16
|
(4)
|
12
|
840
|
1.4
|
Total Rest of the World
|
4,082
|
16
|
(5)
|
11
|
4,093
|
0.3
|
Total
|
5,848
|
198
|
179
|
377
|
6,225
|
6.1
|
Debt securities at amortised cost
|
27
|
—
|
—
|
—
|
27
|
—
|
Total including debt securities at amortised cost
|
5,875
|
198
|
179
|
377
|
6,252
|
6.0
|
Economic uncertainty adjustments presented by stage
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
As at 30.06.24
|
£m
|
£m
|
£m
|
£m
|
Retail mortgages
|
8
|
25
|
9
|
42
|
Retail credit cards
|
8
|
37
|
—
|
45
|
Retail other
|
3
|
6
|
—
|
9
|
Corporate loans
|
35
|
8
|
12
|
55
|
Total UK
|
54
|
76
|
21
|
151
|
Retail mortgages
|
—
|
—
|
—
|
—
|
Retail credit cards
|
—
|
—
|
—
|
—
|
Retail other
|
—
|
—
|
—
|
—
|
Corporate loans
|
—
|
—
|
—
|
—
|
Total Rest of the World
|
—
|
—
|
—
|
—
|
Total
|
54
|
76
|
21
|
151
|
As at 31.12.23
|
£m
|
£m
|
£m
|
£m
|
Retail mortgages
|
12
|
32
|
13
|
57
|
Retail credit cards
|
8
|
37
|
—
|
45
|
Retail other
|
3
|
6
|
—
|
9
|
Corporate loans
|
48
|
12
|
11
|
71
|
Total UK
|
71
|
87
|
24
|
182
|
Retail mortgages
|
—
|
—
|
—
|
—
|
Retail credit cards
|
—
|
—
|
—
|
—
|
Retail other
|
—
|
—
|
—
|
—
|
Corporate loans
|
4
|
12
|
—
|
16
|
Total Rest of the World
|
4
|
12
|
—
|
16
|
Total
|
75
|
99
|
24
|
198
|
1
|
Positive values reflect an increase in impairment allowance and
negative values reflect a reduction in the impairment
allowance.
|
2
|
Includes £5.1bn (December 2023: £5.2bn) of modelled ECL,
£0.5bn (December 2023: £0.4bn) of individually assessed
impairments and £0.2bn (December 2023: £0.3bn) of ECL
from non-modelled exposures and debt securities.
|
3
|
Management adjustments related to other financial assets subject to
impairment not included in the table above include cash collateral
and settlement balances £(2)m and financial assets at fair
value through other comprehensive income £(2)m within the IB
portfolio.
|
4
|
Total impairment allowance consists of ECL stock on drawn and
undrawn exposure.
|
Economic uncertainty adjustments
Models have been developed with data from non-inflationary periods
establishing a relationship between input variables and customer
delinquency based on past behaviour. As such there is a risk that
the modelled output fails to capture the appropriate response to
changes in macroeconomic variables including high interest rates
with modelled impairment provisions impacted by
uncertainty.
This uncertainty continues to be captured in two ways. Firstly,
customer uncertainty: the identification of customers and clients
who may be more vulnerable to economic instability; and secondly,
model uncertainty: to capture the impact from model limitations and
sensitivities to specific macroeconomic parameters which are
applied at a portfolio level.
Economic uncertainty adjustments have reduced during the period
reflecting the updated macroeconomic outlook.
The balance as at 30 June 2024 is £151m (December 2023:
£198m) and includes:
Customer and client uncertainty provisions of £129m (December
2023: £166m):
●
Retail mortgages (UK) £20m
(December 2023: £25m): This adjustment reflects the risk of borrowers
refinancing onto higher rates in the medium term and remains
broadly stable compared to year-end.
●
Retail credit cards (UK)
£45m (December 2023: £45m) and Retail other (UK) £9m
(December 2023: £9m): These reflect adjustments applied to customers
considered most vulnerable to affordability pressures in light of
uncertainty linked to higher for longer interest rates and are
unchanged from year-end.
-
UK £55m (December 2023:
£71m): This adjustment
reflects the possible cross default risk on Barclays’ lending
in respect of clients who have taken bounce back loans and is
partially reduced on account of the latest credit
performance.
-
ROW £nil (December 2023:
£16m): The previously held
adjustment to provide for expected downside uncertainties on
European Corporates has been retired following a resilient credit
performance and updated macroeconomic outlook.
Model uncertainty provisions of £22m (December 2023:
£32m):
●
Retail mortgages
(UK) £22m (December 2023:
£32m): This adjustment
remediates the higher recovery expectations impacted by model
oversensitivity to certain macroeconomic variables and has reduced
following the updated macroeconomic outlook.
Other adjustments
Other adjustments are operational in nature and are expected to
remain in place until they can be reflected in the underlying
models. These adjustments result from data limitations and model
performance related issues identified through model monitoring and
other established governance processes.
Other adjustments of £244m (December 2023: £179m)
includes:
Adjustments for definition of default (DOD) under the Capital
Requirements Regulation and model monitoring in Retail mortgages,
Retail other and Corporate loans.
●
Retail mortgages
(UK) £128m (December 2023:
£121m): The increase
reflects re-sizing of the DOD adjustment informed by credit
performance.
●
Retail other (UK) £70m
(December 2023: £62m): The
increase reflects re-sizing of model monitoring and operational
adjustments in the UK and PBWM portfolio.
-
UK £23m (December 2023:
£10m): The movement
reflects the reduction of an adjustment to remediate conservative
modelled recovery expectations in the ESHLA portfolio. This
reduction has been partially offset by the re-sizing of DOD and
model monitoring adjustments in SME lending.
-
ROW £36m (December 2023:
£(4)m): The movement is
driven by an adjustment introduced to align the credit conversion
factor on revolving credit facilities within the IB portfolio to
Basel 3.1.
●
Debt securities
£(9)m: This reflects an
adjustment applied to Exposure at Default (EAD) within the IB
portfolio to remediate an overly conservative modelled amortisation
expectation.
Measurement uncertainty
Scenarios used to calculate the Group’s expected credit
losses charge were refreshed in Q224 with the Baseline scenario
reflecting the latest consensus macroeconomic forecasts available
at the time of the scenario refresh. In the Baseline scenario, the
UK economy is gradually recovering and is further stimulated as
restrictive monetary policy starts loosening. US GDP growth falls
to 1.7% in 2025 but then stabilises at 2.0%. Labour markets remain
resilient. The average UK and US unemployment rates peak at 4.4%
and 4.1% respectively in 2025 and remain at these levels for the
rest of the 5-year projection period. With the significant decline
in inflationary pressures, major central banks begin to cut rates
in 2024. UK house prices keep falling in 2024 before stabilising
and resuming the upward trend from 2025. The housing market in the
US remains more resilient, with house prices continuing to
grow.
In the Downside 2 scenario, inflationary pressures are assumed to
intensify again, mainly driven by strong wage growth. Central banks
raise rates further, with the UK bank rate and the US federal funds
rate each reaching 8.5% in Q125. Major economies experience a rapid
tightening of financial conditions alongside a significant increase
in market volatility resulting in a sharp repricing of assets and
higher credit losses. Central banks are forced to cut interest
rates aggressively. Falling demand reduces UK and US GDP and
headline inflation drops significantly. In the Upside 2 scenario, a
rise in labour force participation and higher productivity
contribute to accelerated economic growth without creating new
inflationary pressures. With inflation continuing to fall, central
banks lower interest rates, further stimulating aggregate demand,
leading to reduced unemployment and healthy GDP
growth.
The methodology for estimating scenario probability weights
involves simulating a range of future paths for UK and US GDP using
historical data with the five scenarios mapped against the
distribution of these future paths. The median is centred around
the Baseline with scenarios further from the Baseline attracting a
lower weighting before the five weights are normalised to total
100%. The increases in the Upside scenario weightings were driven
by the improvement in GDP in the Baseline scenario, bringing the
Baseline scenario closer to the Upside scenarios. For further
details see page 39.
The following tables show the key macroeconomic variables used in
the five scenarios (5-year annual paths) and the probability
weights applied to each scenario.
Macroeconomic variables used in the calculation of ECL
|
As at 30.06.24
|
2024
|
2025
|
2026
|
2027
|
2028
|
Baseline
|
%
|
%
|
%
|
%
|
%
|
UK GDP1
|
0.7
|
1.2
|
1.6
|
1.7
|
1.6
|
UK unemployment2
|
4.3
|
4.4
|
4.4
|
4.4
|
4.4
|
UK HPI3
|
(1.2)
|
1.6
|
3.0
|
4.4
|
3.2
|
UK bank rate6
|
5.0
|
4.3
|
3.8
|
3.6
|
3.5
|
US GDP1
|
2.3
|
1.7
|
2.0
|
2.0
|
2.0
|
US unemployment4
|
4.0
|
4.1
|
4.1
|
4.1
|
4.1
|
US HPI5
|
3.3
|
3.0
|
3.3
|
3.3
|
3.3
|
US federal funds rate6
|
5.3
|
4.4
|
4.0
|
3.8
|
3.8
|
|
|
|
|
|
|
Downside 2
|
|
|
|
|
|
UK GDP1
|
0.2
|
(3.2)
|
0.5
|
2.1
|
1.3
|
UK unemployment2
|
4.4
|
6.4
|
6.9
|
5.3
|
4.7
|
UK HPI3
|
(3.6)
|
(23.3)
|
2.8
|
15.6
|
7.7
|
UK bank rate6
|
5.9
|
4.0
|
1.0
|
1.0
|
1.0
|
US GDP1
|
1.8
|
(2.9)
|
1.2
|
2.8
|
1.6
|
US unemployment4
|
4.2
|
6.3
|
6.4
|
5.3
|
4.9
|
US HPI5
|
0.9
|
(10.7)
|
2.0
|
8.0
|
5.3
|
US federal funds rate6
|
5.9
|
4.1
|
1.5
|
1.5
|
1.5
|
|
|
|
|
|
|
Downside 1
|
|
|
|
|
|
UK GDP1
|
0.4
|
(1.0)
|
1.0
|
1.9
|
1.5
|
UK unemployment2
|
4.3
|
5.4
|
5.6
|
4.9
|
4.6
|
UK HPI3
|
(2.4)
|
(11.5)
|
2.9
|
9.9
|
5.5
|
UK bank rate6
|
5.5
|
4.1
|
2.4
|
2.3
|
2.3
|
US GDP1
|
2.0
|
(0.6)
|
1.6
|
2.4
|
1.8
|
US unemployment4
|
4.1
|
5.2
|
5.3
|
4.7
|
4.5
|
US HPI5
|
2.1
|
(4.0)
|
2.7
|
5.6
|
4.3
|
US federal funds rate6
|
5.6
|
4.3
|
2.8
|
2.6
|
2.6
|
|
|
|
|
|
|
Upside 2
|
|
|
|
|
|
UK GDP1
|
1.1
|
3.9
|
3.2
|
2.6
|
2.3
|
UK unemployment2
|
4.1
|
3.4
|
3.4
|
3.3
|
3.2
|
UK HPI3
|
4.9
|
14.2
|
6.8
|
2.7
|
3.8
|
UK bank rate6
|
4.9
|
3.4
|
2.6
|
2.6
|
2.5
|
US GDP1
|
2.6
|
3.2
|
2.9
|
2.8
|
2.8
|
US unemployment4
|
3.7
|
3.5
|
3.4
|
3.4
|
3.4
|
US HPI5
|
5.3
|
3.9
|
5.0
|
4.6
|
4.6
|
US federal funds rate6
|
5.2
|
3.7
|
3.1
|
2.8
|
2.8
|
|
|
|
|
|
|
Upside 1
|
|
|
|
|
|
UK GDP1
|
0.9
|
2.5
|
2.4
|
2.2
|
2.0
|
UK unemployment2
|
4.2
|
3.9
|
3.9
|
3.9
|
3.8
|
UK HPI3
|
1.8
|
7.8
|
4.9
|
3.6
|
3.5
|
UK bank rate6
|
5.0
|
3.8
|
3.2
|
3.1
|
3.0
|
US GDP1
|
2.4
|
2.5
|
2.4
|
2.4
|
2.4
|
US unemployment4
|
3.8
|
3.8
|
3.8
|
3.8
|
3.8
|
US HPI5
|
4.3
|
3.5
|
4.2
|
3.9
|
3.9
|
US federal funds rate6
|
5.3
|
4.1
|
3.5
|
3.3
|
3.3
|
1
|
Average Real GDP seasonally adjusted change in year.
|
2
|
Average UK unemployment rate 16-year+.
|
3
|
Change in year end UK HPI = Halifax All Houses, All Buyers index,
relative to prior year end.
|
4
|
Average US civilian unemployment rate 16-year+.
|
5
|
Change in year end US HPI = FHFA House Price Index, relative to
prior year end.
|
6
|
Average rate.
|
As at 31.12.23
|
2023
|
2024
|
2025
|
2026
|
2027
|
Baseline
|
%
|
%
|
%
|
%
|
%
|
UK GDP1
|
0.5
|
0.3
|
1.2
|
1.6
|
1.6
|
UK unemployment2
|
4.2
|
4.7
|
4.7
|
4.8
|
5.0
|
UK HPI3
|
(3.3)
|
(5.1)
|
0.7
|
3.1
|
5.3
|
UK bank rate6
|
4.7
|
4.9
|
4.1
|
3.8
|
3.5
|
US GDP1
|
2.4
|
1.3
|
1.7
|
1.9
|
1.9
|
US unemployment4
|
3.7
|
4.3
|
4.3
|
4.3
|
4.3
|
US HPI5
|
5.4
|
3.4
|
3.0
|
3.3
|
3.3
|
US federal funds rate6
|
5.1
|
5.0
|
3.9
|
3.8
|
3.8
|
|
|
|
|
|
|
Downside 2
|
|
|
|
|
|
UK GDP1
|
0.5
|
(1.5)
|
(2.6)
|
2.4
|
1.6
|
UK unemployment2
|
4.2
|
5.2
|
7.9
|
6.3
|
5.5
|
UK HPI3
|
(3.3)
|
(19.3)
|
(16.8)
|
14.5
|
12.4
|
UK bank rate6
|
4.7
|
6.6
|
1.3
|
1.0
|
1.0
|
US GDP1
|
2.4
|
(0.6)
|
(2.0)
|
3.1
|
2.0
|
US unemployment4
|
3.7
|
5.2
|
7.2
|
5.9
|
5.2
|
US HPI5
|
5.4
|
(6.5)
|
(5.7)
|
7.2
|
6.4
|
US federal funds rate6
|
5.1
|
6.3
|
1.8
|
1.5
|
1.5
|
|
|
|
|
|
|
Downside 1
|
|
|
|
|
|
UK GDP1
|
0.5
|
(0.6)
|
(0.7)
|
2.0
|
1.6
|
UK unemployment2
|
4.2
|
4.9
|
6.3
|
5.6
|
5.2
|
UK HPI3
|
(3.3)
|
(12.4)
|
(8.3)
|
8.7
|
8.8
|
UK bank rate6
|
4.7
|
5.8
|
2.7
|
2.5
|
2.3
|
US GDP1
|
2.4
|
0.3
|
(0.2)
|
2.5
|
1.9
|
US unemployment4
|
3.7
|
4.7
|
5.8
|
5.1
|
4.8
|
US HPI5
|
5.4
|
(1.7)
|
(1.4)
|
5.2
|
4.8
|
US federal funds rate6
|
5.1
|
5.7
|
2.9
|
2.8
|
2.8
|
|
|
|
|
|
|
Upside 2
|
|
|
|
|
|
UK GDP1
|
0.5
|
2.4
|
3.7
|
2.9
|
2.4
|
UK unemployment2
|
4.2
|
3.9
|
3.5
|
3.6
|
3.6
|
UK HPI3
|
(3.3)
|
7.8
|
7.6
|
4.5
|
5.6
|
UK bank rate6
|
4.7
|
4.3
|
2.7
|
2.5
|
2.5
|
US GDP1
|
2.4
|
2.8
|
3.1
|
2.8
|
2.8
|
US unemployment4
|
3.7
|
3.5
|
3.6
|
3.6
|
3.6
|
US HPI5
|
5.4
|
6.1
|
4.3
|
4.5
|
4.6
|
US federal funds rate6
|
5.1
|
4.3
|
2.9
|
2.8
|
2.8
|
|
|
|
|
|
|
Upside 1
|
|
|
|
|
|
UK GDP1
|
0.5
|
1.4
|
2.5
|
2.3
|
2.0
|
UK unemployment2
|
4.2
|
4.3
|
4.1
|
4.2
|
4.3
|
UK HPI3
|
(3.3)
|
1.2
|
4.1
|
3.8
|
5.4
|
UK bank rate6
|
4.7
|
4.6
|
3.4
|
3.3
|
3.0
|
US GDP1
|
2.4
|
2.0
|
2.4
|
2.4
|
2.4
|
US unemployment4
|
3.7
|
3.9
|
3.9
|
4.0
|
4.0
|
US HPI5
|
5.4
|
4.7
|
3.7
|
3.9
|
3.9
|
US federal funds rate6
|
5.1
|
4.7
|
3.5
|
3.3
|
3.3
|
1
|
Average Real GDP seasonally adjusted change in year.
|
2
|
Average UK unemployment rate 16-year+.
|
3
|
Change in year end UK HPI = Halifax All Houses, All Buyers index,
relative to prior year end.
|
4
|
Average US civilian unemployment rate 16-year+.
|
5
|
Change in year end US HPI = FHFA House Price Index, relative to
prior year end.
|
6
|
Average rate.
|
Scenario probability weighting
|
Upside 2
|
Upside 1
|
Baseline
|
Downside 1
|
Downside 2
|
|
%
|
%
|
%
|
%
|
%
|
As at 30.06.24
|
|
|
|
|
|
Scenario probability weighting
|
16.5
|
26.1
|
32.6
|
16.2
|
8.6
|
As at 31.12.23
|
|
|
|
|
|
Scenario probability weighting
|
13.8
|
24.7
|
32.4
|
18.3
|
10.8
|
Specific bases show the most extreme position of each variable in
the context of the downside/upside scenarios, for example, the
highest unemployment for downside scenarios, average unemployment
for baseline scenarios and lowest unemployment for upside
scenarios. GDP and HPI downside and upside scenario data represents
the lowest and highest cumulative position relative to the start
point in the 20 quarter period.
Macroeconomic variables (specific
bases)1
|
|
Upside 2
|
Upside 1
|
Baseline
|
Downside 1
|
Downside 2
|
As at 30.06.24
|
%
|
%
|
%
|
%
|
%
|
UK GDP2
|
15.1
|
11.5
|
1.4
|
(0.7)
|
(3.7)
|
UK unemployment3
|
3.1
|
3.8
|
4.4
|
6.2
|
8.0
|
UK HPI4
|
36.5
|
23.4
|
2.2
|
(14.6)
|
(28.2)
|
UK bank rate3
|
2.5
|
3.0
|
4.0
|
6.5
|
8.5
|
US GDP2
|
14.8
|
12.3
|
2.0
|
(0.2)
|
(3.3)
|
US unemployment3
|
3.4
|
3.8
|
4.1
|
5.7
|
7.3
|
US HPI4
|
25.7
|
21.5
|
3.2
|
(2.0)
|
(10.6)
|
US federal funds rate3
|
2.8
|
3.3
|
4.3
|
6.6
|
8.5
|
As at 31.12.23
|
%
|
%
|
%
|
%
|
%
|
UK GDP2
|
13.4
|
9.6
|
1.1
|
(1.3)
|
(4.1)
|
UK unemployment3
|
3.5
|
3.9
|
4.7
|
6.5
|
8.3
|
UK HPI4
|
23.8
|
11.5
|
0.1
|
(22.5)
|
(35.0)
|
UK bank rate3
|
2.5
|
3.0
|
4.2
|
6.8
|
8.5
|
US GDP2
|
15.1
|
12.3
|
1.8
|
0.6
|
(1.7)
|
US unemployment3
|
3.4
|
3.5
|
4.2
|
5.9
|
7.5
|
US HPI4
|
27.4
|
23.5
|
3.7
|
0.4
|
(7.6)
|
US federal funds rate3
|
2.8
|
3.3
|
4.3
|
6.8
|
8.5
|
1
|
UK GDP = Real GDP growth seasonally adjusted; UK unemployment = UK
unemployment rate 16-year+; UK HI = Halifax All Houses, All Buyers
Index; US GDP = Real GDP growth seasonally adjusted; US
unemployment = US civilian unemployment rate 16-year+; US HPI =
FHFA House Price Index. 20 quarter period starts from Q124 (2023:
Q123).
|
2
|
Maximum growth relative to Q423 (2023: Q422), based on 20 quarter
period in Upside scenarios; 5-year yearly average CAGR in Baseline;
minimum growth relative to Q423 (2023: Q422), based on 20 quarter
period in Downside scenarios.
|
4
|
Lowest quarter in 20 quarter period in Upside scenarios; 5-year
average in Baseline; highest quarter 20 quarter period in Downside
scenarios.
|
5
|
Maximum growth relative to Q423 (2023: Q422), based on 20 quarter
period in Upside scenarios; 5-year quarter end CAGR in Baseline;
minimum growth relative to Q423 (2023: Q422), based on 20 quarter
period in Downside scenarios.
|
Average basis represents the average quarterly value of variables
in the 20 quarter period with GDP and HPI based on yearly average
and quarterly CAGRs respectively.
Macroeconomic variables (5-year
averages)1
|
|
Upside 2
|
Upside 1
|
Baseline
|
Downside 1
|
Downside 2
|
As at 30.06.24
|
%
|
%
|
%
|
%
|
%
|
UK GDP2
|
2.6
|
2.0
|
1.4
|
0.8
|
0.2
|
UK unemployment3
|
3.5
|
3.9
|
4.4
|
5.0
|
5.5
|
UK HPI4
|
6.4
|
4.3
|
2.2
|
0.6
|
(1.1)
|
UK bank rate3
|
3.2
|
3.6
|
4.0
|
3.3
|
2.6
|
US GDP2
|
2.9
|
2.4
|
2.0
|
1.5
|
0.9
|
US unemployment3
|
3.5
|
3.8
|
4.1
|
4.7
|
5.4
|
US HPI4
|
4.7
|
4.0
|
3.2
|
2.1
|
0.9
|
US federal funds rate3
|
3.5
|
3.9
|
4.3
|
3.6
|
2.9
|
As at 31.12.23
|
%
|
%
|
%
|
%
|
%
|
UK GDP2
|
2.4
|
1.7
|
1.1
|
0.6
|
0.1
|
UK unemployment3
|
3.7
|
4.2
|
4.7
|
5.2
|
5.8
|
UK HPI4
|
4.4
|
2.2
|
0.1
|
(1.7)
|
(3.5)
|
UK bank rate3
|
3.3
|
3.8
|
4.2
|
3.6
|
2.9
|
US GDP2
|
2.8
|
2.3
|
1.8
|
1.4
|
0.9
|
US unemployment3
|
3.6
|
3.9
|
4.2
|
4.8
|
5.4
|
US HPI4
|
5.0
|
4.3
|
3.7
|
2.4
|
1.2
|
US federal funds rate3
|
3.6
|
4.0
|
4.3
|
3.9
|
3.2
|
1
|
UK GDP = Real GDP growth seasonally adjusted; UK unemployment = UK
unemployment rate 16-year+; UK HPI = Halifax All Houses, All Buyers
Index; US GDP = Real GDP growth seasonally adjusted; US
unemployment = US civilian unemployment rate 16-year+; US HPI =
FHFA House Price Index.
|
2
|
5-year yearly average CAGR, starting 2023 (2023:
2022).
|
3
|
5-year average. Period based on 20 quarters from Q124 (2023:
Q123).
|
4
|
5-year quarter end CAGR, starting Q423 (2023: Q422).
|
ECL under 100% weighted scenarios for modelled
portfolios
The table below shows the modelled ECL assuming each of the five
modelled scenarios are 100% weighted with the dispersion of results
around the Baseline, highlighting the impact on exposure and ECL
across the scenarios. Model exposure uses exposure at default (EAD)
values and is not directly comparable to gross exposure used in
prior disclosures.
|
Scenarios
|
As at 30.06.24
|
Weighted1
|
Upside 2
|
Upside 1
|
Baseline
|
Downside 1
|
Downside 2
|
Stage 1 Model Exposure (£m)
|
|
|
|
|
|
|
Retail mortgages
|
137,577
|
140,036
|
139,029
|
137,590
|
134,420
|
132,510
|
Retail credit cards2
|
65,142
|
65,077
|
65,108
|
65,137
|
65,221
|
65,228
|
Retail other2
|
8,050
|
8,183
|
8,122
|
8,056
|
7,918
|
7,749
|
Corporate loans
|
204,588
|
207,006
|
205,881
|
204,883
|
202,114
|
197,234
|
Stage 1 Model ECL (£m)
|
|
|
|
|
|
|
Retail mortgages
|
3
|
—
|
1
|
2
|
5
|
12
|
Retail credit cards2
|
561
|
534
|
548
|
563
|
584
|
602
|
Retail other2
|
32
|
31
|
32
|
32
|
33
|
31
|
Corporate loans
|
278
|
244
|
257
|
272
|
308
|
343
|
Stage 1 Coverage (%)
|
|
|
|
|
|
|
Retail mortgages
|
—
|
—
|
—
|
—
|
—
|
—
|
Retail credit cards
|
0.9
|
0.8
|
0.8
|
0.9
|
0.9
|
0.9
|
Retail other
|
0.4
|
0.4
|
0.4
|
0.4
|
0.4
|
0.4
|
Corporate loans
|
0.1
|
0.1
|
0.1
|
0.1
|
0.2
|
0.2
|
Stage 2 Model Exposure (£m)
|
|
|
|
|
|
|
Retail mortgages
|
21,804
|
18,809
|
19,974
|
21,598
|
25,532
|
28,707
|
Retail credit cards2
|
6,493
|
6,351
|
6,420
|
6,490
|
6,605
|
6,799
|
Retail other2
|
1,307
|
1,174
|
1,235
|
1,301
|
1,439
|
1,608
|
Corporate loans
|
22,261
|
19,695
|
20,872
|
21,984
|
24,870
|
29,877
|
Stage 2 Model ECL (£m)
|
|
|
|
|
|
|
Retail mortgages
|
8
|
1
|
3
|
5
|
16
|
40
|
Retail credit cards2
|
1,544
|
1,449
|
1,492
|
1,537
|
1,633
|
1,759
|
Retail other2
|
82
|
70
|
75
|
80
|
96
|
107
|
Corporate loans
|
537
|
426
|
467
|
513
|
670
|
923
|
Stage 2 Coverage (%)
|
|
|
|
|
|
|
Retail mortgages
|
—
|
—
|
—
|
—
|
0.1
|
0.1
|
Retail credit cards
|
23.8
|
22.8
|
23.2
|
23.7
|
24.7
|
25.9
|
Retail other
|
6.3
|
6.0
|
6.1
|
6.1
|
6.7
|
6.7
|
Corporate loans
|
2.4
|
2.2
|
2.2
|
2.3
|
2.7
|
3.1
|
Stage 3 Model Exposure
(£m)3
|
|
|
|
|
|
|
Retail mortgages
|
1,546
|
1,546
|
1,546
|
1,546
|
1,546
|
1,546
|
Retail credit cards2
|
2,151
|
2,151
|
2,151
|
2,151
|
2,151
|
2,151
|
Retail other2
|
162
|
162
|
162
|
162
|
162
|
162
|
Corporate loans
|
3,561
|
3,561
|
3,561
|
3,561
|
3,561
|
3,561
|
Stage 3 Model ECL (£m)
|
|
|
|
|
|
|
Retail mortgages
|
285
|
268
|
273
|
281
|
304
|
333
|
Retail credit cards2
|
1,602
|
1,567
|
1,585
|
1,602
|
1,635
|
1,663
|
Retail other2
|
94
|
92
|
93
|
94
|
95
|
97
|
Corporate loans4
|
67
|
62
|
63
|
66
|
74
|
81
|
Stage 3 Coverage (%)
|
|
|
|
|
|
|
Retail mortgages
|
18.4
|
17.3
|
17.7
|
18.2
|
19.7
|
21.5
|
Retail credit cards
|
74.5
|
72.8
|
73.7
|
74.5
|
76.0
|
77.3
|
Retail other
|
58.0
|
56.8
|
57.4
|
58.0
|
58.6
|
59.9
|
Corporate loans4
|
1.9
|
1.7
|
1.8
|
1.9
|
2.1
|
2.3
|
Total Model ECL (£m)
|
|
|
|
|
|
|
Retail mortgages
|
296
|
269
|
277
|
288
|
325
|
385
|
Retail credit cards2
|
3,707
|
3,550
|
3,625
|
3,702
|
3,852
|
4,024
|
Retail other2
|
208
|
193
|
200
|
206
|
224
|
235
|
Corporate loans4
|
882
|
732
|
787
|
851
|
1,052
|
1,347
|
Total Model ECL
|
5,093
|
4,744
|
4,889
|
5,047
|
5,453
|
5,991
|
Reconciliation to total ECL
|
£m
|
Total weighted model ECL
|
5,093
|
ECL from individually assessed exposures4
|
457
|
ECL from non-modelled exposures and others
|
224
|
ECL from debt securities at amortised cost
|
20
|
ECL from post model management adjustments
|
404
|
Of which: ECL from economic uncertainty adjustments
|
151
|
Total ECL
|
6,198
|
1
|
Model exposures are allocated to a stage based on an individual
scenario rather than a probability-weighted approach as required
for Barclays reported impairment allowances. As a result, it is not
possible to back solve the final reported weighted ECL from
individual scenarios given balances may be assigned to a different
stage dependent on the scenario.
|
2
|
Model exposures and ECL reported within Retail credit cards and
Retail other exclude the German consumer finance business portfolio
classified as assets held for sale.
|
3
|
Model exposures allocated to Stage 3 does not change in any of the
scenarios as the transition criteria relies only on an observable
evidence of default as at 30 June 2024 and not on macroeconomic
scenario.
|
4
|
Material corporate loan defaults are individually assessed across
different recovery strategies. As a result, ECL of £457m is
reported as an individually assessed impairment in the
reconciliation table.
|
The use of five scenarios with associated weightings results in a
total weighted ECL uplift from the Baseline ECL of
0.9%.
Retail mortgages: Total
weighted ECL of £296m represents a 2.8% increase over the
Baseline ECL (£288m) with coverage ratios remaining steady
across the Upside scenarios, Baseline and Downside 1 scenario.
Under the Downside 2 scenario, total ECL increases to £385m
driven by a fall in UK HPI.
Retail credit cards: Total
weighted ECL of £3,707m is broadly aligned to the Baseline ECL
(£3,702m). Total ECL increases to £4,024m under the
Downside 2 scenario, driven by an increase in UK and US
unemployment rate.
Retail other: Total weighted
ECL of £208m is broadly aligned to the Baseline ECL
(£206m). Total ECL increases to £235m under the Downside
2 scenario, largely driven by an increase in UK unemployment
rate.
Corporate loans: Total weighted
ECL of £882m represents a 3.6% increase over the Baseline ECL
(£851m). Total ECL increases to £1,347m under the
Downside 2 scenario, driven by a decrease in UK and US
GDP.
|
Scenarios
|
As at 31.12.23
|
Weighted1
|
Upside 2
|
Upside 1
|
Baseline
|
Downside 1
|
Downside 2
|
Stage 1 Model Exposure (£m)
|
|
|
|
|
|
|
Retail mortgages
|
145,226
|
147,415
|
146,653
|
145,405
|
142,543
|
138,925
|
Retail credit cards2
|
66,512
|
66,459
|
66,482
|
66,497
|
66,580
|
66,580
|
Retail other2
|
8,749
|
8,915
|
8,841
|
8,758
|
8,631
|
8,479
|
Corporate loans
|
175,282
|
179,567
|
177,923
|
175,903
|
172,328
|
167,541
|
Stage 1 Model ECL (£m)
|
|
|
|
|
|
|
Retail mortgages
|
9
|
4
|
5
|
7
|
11
|
22
|
Retail credit cards2
|
562
|
529
|
545
|
561
|
584
|
605
|
Retail other2
|
32
|
31
|
32
|
32
|
32
|
31
|
Corporate loans
|
275
|
243
|
257
|
270
|
298
|
318
|
Stage 1 Coverage (%)
|
|
|
|
|
|
|
Retail mortgages
|
—
|
—
|
—
|
—
|
—
|
—
|
Retail credit cards
|
0.8
|
0.8
|
0.8
|
0.8
|
0.9
|
0.9
|
Retail other
|
0.4
|
0.3
|
0.4
|
0.4
|
0.4
|
0.4
|
Corporate loans
|
0.2
|
0.1
|
0.1
|
0.2
|
0.2
|
0.2
|
Stage 2 Model Exposure (£m)
|
|
|
|
|
|
|
Retail mortgages
|
20,615
|
17,769
|
18,702
|
20,149
|
23,836
|
28,822
|
Retail credit cards2
|
7,076
|
6,897
|
6,976
|
7,064
|
7,183
|
7,387
|
Retail other2
|
1,382
|
1,216
|
1,290
|
1,373
|
1,500
|
1,653
|
Corporate loans
|
24,374
|
19,919
|
21,621
|
23,763
|
27,445
|
32,375
|
Stage 2 Model ECL (£m)
|
|
|
|
|
|
|
Retail mortgages
|
41
|
23
|
27
|
34
|
59
|
123
|
Retail credit cards2
|
1,684
|
1,554
|
1,609
|
1,668
|
1,775
|
1,922
|
Retail other2
|
85
|
72
|
78
|
84
|
95
|
105
|
Corporate loans
|
663
|
509
|
565
|
633
|
782
|
1,031
|
Stage 2 Coverage (%)
|
|
|
|
|
|
|
Retail mortgages
|
0.2
|
0.1
|
0.1
|
0.2
|
0.2
|
0.4
|
Retail credit cards
|
23.8
|
22.5
|
23.1
|
23.6
|
24.7
|
26.0
|
Retail other
|
6.2
|
5.9
|
6.0
|
6.1
|
6.3
|
6.4
|
Corporate loans
|
2.7
|
2.6
|
2.6
|
2.7
|
2.8
|
3.2
|
Stage 3 Model Exposure
(£m)3
|
|
|
|
|
|
|
Retail mortgages
|
1,672
|
1,672
|
1,672
|
1,672
|
1,672
|
1,672
|
Retail credit cards2
|
1,827
|
1,827
|
1,827
|
1,827
|
1,827
|
1,827
|
Retail other2
|
164
|
164
|
164
|
164
|
164
|
164
|
Corporate loans
|
3,436
|
3,436
|
3,436
|
3,436
|
3,436
|
3,436
|
Stage 3 Model ECL (£m)
|
|
|
|
|
|
|
Retail mortgages
|
333
|
308
|
316
|
325
|
351
|
393
|
Retail credit cards2
|
1,315
|
1,279
|
1,296
|
1,313
|
1,341
|
1,366
|
Retail other2
|
95
|
94
|
94
|
95
|
96
|
97
|
Corporate loans4
|
77
|
71
|
73
|
75
|
82
|
89
|
Stage 3 Coverage (%)
|
|
|
|
|
|
|
Retail mortgages
|
19.9
|
18.4
|
18.9
|
19.4
|
21.0
|
23.5
|
Retail credit cards
|
72.0
|
70.0
|
70.9
|
71.9
|
73.4
|
74.8
|
Retail other
|
57.9
|
57.3
|
57.3
|
57.9
|
58.5
|
59.1
|
Corporate loans4
|
2.2
|
2.1
|
2.1
|
2.2
|
2.4
|
2.6
|
Total Model ECL (£m)
|
|
|
|
|
|
|
Retail mortgages
|
383
|
335
|
348
|
366
|
421
|
538
|
Retail credit cards2
|
3,561
|
3,362
|
3,450
|
3,542
|
3,700
|
3,893
|
Retail other2
|
212
|
197
|
204
|
211
|
223
|
233
|
Corporate loans4
|
1,015
|
823
|
895
|
978
|
1,162
|
1,438
|
Total Model ECL
|
5,171
|
4,717
|
4,897
|
5,097
|
5,506
|
6,102
|
Reconciliation to total ECL
|
£m
|
Total weighted model ECL
|
5,171
|
ECL from individually assessed exposures4
|
401
|
ECL from non-modelled exposures and others
|
276
|
ECL from debt securities at amortised cost
|
27
|
ECL from post model management adjustments
|
377
|
Of which: ECL from economic uncertainty adjustments
|
198
|
Total ECL
|
6,252
|
1
|
Model exposures are allocated to a stage based on an individual
scenario rather than a probability-weighted approach as required
for Barclays reported impairment allowances. As a result, it is not
possible to back solve the final reported weighted ECL from
individual scenarios given balances may be assigned to a different
stage dependent on the scenario.
|
2
|
Model exposures and ECL reported within Retail credit cards and
Retail other exclude the German consumer finance business portfolio
classified as assets held for sale.
|
3
|
Model exposures allocated to Stage 3 does not change in any of the
scenarios as the transition criteria relies only on an observable
evidence of default as at 31 December 2023 and not on macroeconomic
scenario.
|
4
|
Material corporate loan defaults are individually assessed across
different recovery strategies. As a result, ECL of £401m is
reported as an individually assessed impairment in the
reconciliation table.
|
Analysis of specific portfolios and asset types
Secured home loans
The UK home loan portfolio primarily comprises first lien mortgages
and accounts for 97% (December 2023: 95%) of the Group’s
total home loans balance.
|
Barclays UK
|
Home loans principal portfolios
|
As at 30.06.24
|
As at 31.12.23
|
Gross loans and advances (£m)
|
161,298
|
163,639
|
90 day arrears rate, excluding recovery book (%)
|
0.2
|
0.2
|
Annualised gross charge-off rates - 180 days past due
(%)
|
0.6
|
0.5
|
Recovery book proportion of outstanding balances (%)
|
0.7
|
0.6
|
Recovery book impairment coverage ratio (%)1
|
6.8
|
7.2
|
|
|
|
Average marked to market LTV
|
|
|
Balance weighted %
|
52.7
|
53.6
|
Valuation weighted %
|
39.4
|
40.0
|
|
|
|
New lending
|
Half year ended 30.06.24
|
Half year ended 30.06.23
|
New home loan bookings (£m)
|
9,239
|
12,531
|
New home loan proportion > 90% LTV (%)
|
0.8
|
0.7
|
Average LTV on new home loans: balance weighted (%)
|
63.4
|
62.5
|
Average LTV on new home loans: valuation weighted (%)
|
54.1
|
53.7
|
1
|
Recovery Book Impairment Coverage Ratio excludes KMC.
|
Home loans principal portfolios
– distribution of balances by LTV1
|
Distribution of balances
|
Distribution of impairment allowance
|
Coverage ratio
|
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
|
Barclays UK
|
%
|
%
|
%
|
%
|
%
|
%
|
%
|
%
|
%
|
%
|
%
|
%
|
|
As at 30.06.24
|
|
|
|
|
|
|
|
|
|
|
|
|
|
<=75%
|
74.3
|
11.6
|
0.9
|
86.8
|
7.8
|
16.4
|
24.5
|
48.7
|
—
|
0.2
|
3.5
|
0.1
|
|
>75% and <=90%
|
11.0
|
1.2
|
0.1
|
12.3
|
7.5
|
20.2
|
11.7
|
39.4
|
0.1
|
2.1
|
25.1
|
0.4
|
|
>90% and <=100%
|
0.8
|
0.1
|
—
|
0.9
|
1.0
|
2.2
|
4.0
|
7.2
|
0.1
|
4.0
|
63.8
|
1.0
|
|
>100%
|
—
|
—
|
—
|
—
|
0.3
|
0.3
|
4.1
|
4.7
|
2.5
|
25.7
|
95.3
|
25.7
|
|
As at 31.12.23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
<=75%
|
73.5
|
10.4
|
0.9
|
84.8
|
8.5
|
16.2
|
26.7
|
51.4
|
—
|
0.2
|
3.8
|
0.1
|
|
>75% and <=90%
|
12.3
|
1.2
|
0.1
|
13.6
|
7.4
|
16.7
|
12.8
|
36.9
|
0.1
|
1.9
|
27.9
|
0.4
|
|
>90% and <=100%
|
1.5
|
0.1
|
—
|
1.6
|
1.2
|
2.5
|
3.6
|
7.3
|
0.1
|
2.6
|
63.3
|
0.6
|
|
>100%
|
—
|
—
|
—
|
—
|
0.3
|
0.7
|
3.4
|
4.4
|
1.0
|
12.1
|
100.0
|
12.4
|
1
|
Portfolio marked to market based on the most updated valuation
including recovery book balances. Updated valuations reflect the
application of the latest HPI available as at 30 June
2024.
|
New home loans bookings reduced
26% to £9.2bn (H123: £12.5bn) mainly driven by economic
conditions that resulted in general mortgage market suppression,
including higher mortgage payments due to higher
rates.
Head Office: Italian home loans loans and advances at amortised cost reduced to
£0.4bn (2023: £3.6bn) due to the disposal of the
performing portfolio in Q224.The remaining portfolio is secured on
residential property with an average balance weighted mark to
market LTV of 73.9% (2023: 55.6%). 90-day arrears is 2.8% (2023:
2.4%) and gross charge-off rate increased to 2.2% (2023:
0.7%).
Retail credit cards and Retail other
The principal portfolios listed below accounted for 91% (December
2023: 91%) of the Group’s total retail credit cards and
retail other.
Principal portfolios
|
Gross exposure
|
30 day arrears rate, excluding recovery book
|
90 day arrears rate, excluding recovery book
|
Annualised gross write-off rate
|
Annualised net write-off rate
|
As at 30.06.24
|
£m
|
%
|
%
|
%
|
%
|
Barclays UK
|
|
|
|
|
|
UK cards
|
10,889
|
0.8
|
0.2
|
1.7
|
1.4
|
UK personal loans
|
3,822
|
1.4
|
0.6
|
1.3
|
1.1
|
Barclays Partner Finance
|
1,846
|
0.6
|
0.3
|
1.0
|
1.0
|
US Consumer Bank
|
|
|
|
|
|
US cards
|
26,935
|
2.9
|
1.6
|
3.5
|
3.5
|
|
|
|
|
|
|
As at 31.12.23
|
|
|
|
|
|
Barclays UK
|
|
|
|
|
|
UK cards
|
10,420
|
0.9
|
0.2
|
1.4
|
1.3
|
UK personal loans
|
3,641
|
1.5
|
0.6
|
1.3
|
1.0
|
Barclays Partner Finance
|
2,344
|
0.6
|
0.3
|
0.7
|
0.7
|
US Consumer Bank
|
|
|
|
|
|
US cards
|
27,286
|
2.9
|
1.5
|
2.3
|
2.3
|
Retail Credit Cards and Retail Other held for sale
|
Gross exposure
|
30 day arrears rate, excluding recovery book
|
90 day arrears rate, excluding recovery book
|
Annualised gross write-off rate
|
Annualised net write-off rate
|
As at 30.06.24
|
£m
|
%
|
%
|
%
|
%
|
Head Office
|
|
|
|
|
|
Germany consumer finance business
|
3,905
|
1.8
|
0.8
|
1.2
|
1.1
|
|
|
|
|
|
|
As at 31.12.23
|
|
|
|
|
|
Head Office
|
|
|
|
|
|
Germany consumer finance business
|
4,094
|
1.7
|
0.8
|
1.0
|
1.0
|
UK cards: 30
day and 90 day arrears rates have remained broadly stable at 0.8%
(Q423: 0.9%) and 0.2% (Q423: 0.2%) respectively. Total exposure
increased from £10.4bn to £10.9bn due to growth in spend
and new lending promotional balances. Both gross and net write-offs
increased to 1.7% (Q423: 1.4%) and 1.4% (Q423: 1.3%) respectively,
reflecting further impact from the alignment of point of charge-off
and write-off and a marginal increase in monthly flow.
UK personal loans: 30 and 90 day arrears rates have
remained broadly stable at 1.4% (Q423: 1.5%) and 0.6% (Q423: 0.6%)
respectively. Total exposure increased from £3.6bn to
£3.8bn due to increased new lending. Both the gross and net
write-off rates have remained broadly stable at 1.3% (Q423: 1.3%)
and 1.1% (Q423: 1.0%) respectively.
Barclays Partner Finance: 30 and 90 day arrears rates have
remained flat at 0.6% and 0.3% respectively. Total exposure fell to
£1.8bn (Q423: £2.3bn) due to a strategic decision to
reduce the number of active partner businesses. Both annualised
gross and net write off rates increased by 0.3% to 1.0%
respectively as a result of the reduction in total
exposure.
US cards: 30 day arrears rates
were flat (2.9%) as delinquency reduced in Q224 following an
increase in Q124. 90 day arrears rates increased to 1.6% (2023:
1.5%) reflecting the increased flow into and through delinquency
observed in Q124. The increase in both gross and net write-off
rates reflected the overall delinquency trends through to
charge-off lagged by the charge off to write off period of 12
months.
German consumer finance business: Gross exposure decreased by 4.6% as a result of
phasing out Open Market loan originations from Q423. 30 day arrears
rate increased marginally to 1.8% (Q423: 1.7%) driven by the
decrease in gross exposure over the period. Lower debt sale prices
in addition to the decrease in gross exposure led to higher
write-off rates.
Market Risk
Analysis of management value at risk (VaR)
The table below shows the total management VaR on a diversified
basis by asset class. Total management VaR includes all trading
positions in Barclays Bank Group and it is calculated with a
one-day holding period. VaR limits are applied to total management
VaR and by asset class. Additionally, the market risk management
function applies VaR sub-limits to material businesses and trading
desks.
Management VaR (95%) by asset class
|
Half year ended 30.06.24
|
|
Half year ended 31.12.23
|
|
Half year ended 30.06.23
|
|
Average
|
High
|
Low
|
|
Average
|
High
|
Low
|
|
Average
|
High
|
Low
|
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
Credit risk
|
22
|
27
|
19
|
|
32
|
40
|
22
|
|
48
|
57
|
38
|
Interest rate risk
|
16
|
25
|
9
|
|
15
|
24
|
10
|
|
16
|
25
|
9
|
Equity risk
|
6
|
9
|
4
|
|
5
|
9
|
3
|
|
6
|
10
|
3
|
Basis risk
|
6
|
8
|
4
|
|
10
|
13
|
8
|
|
16
|
25
|
11
|
Spread risk
|
5
|
7
|
4
|
|
7
|
10
|
5
|
|
10
|
14
|
7
|
Foreign exchange risk
|
4
|
9
|
2
|
|
4
|
9
|
2
|
|
3
|
6
|
1
|
Commodity risk
|
—
|
1
|
—
|
|
—
|
1
|
—
|
|
—
|
1
|
—
|
Inflation risk
|
4
|
5
|
2
|
|
4
|
6
|
2
|
|
9
|
11
|
6
|
Diversification effect1
|
(34)
|
n/a
|
n/a
|
|
(38)
|
n/a
|
n/a
|
|
(63)
|
n/a
|
n/a
|
Total management VaR
|
29
|
36
|
20
|
|
39
|
55
|
24
|
|
45
|
60
|
34
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
Diversification effects recognise that forecast losses from
different assets or businesses are unlikely to occur concurrently,
hence the expected aggregate loss is lower than the sum of the
expected losses from each area. Historical correlations between
losses are taken into account in making these assessments. The high
and low VaR figures reported for each category did not necessarily
occur on the same day as the high and low total management VaR.
Consequently, a diversification effect balance for the high and low
VaR figures would not be meaningful and is therefore omitted from
the above table.
|
Average Management VaR decreased 26% to £29m (H223:
£39m). The decrease was mainly driven by lower market
volatility and credit spread levels in H124, as geopolitical
tensions eased (relative to H223), inflation continued to decline
and central banks started to cut rates.
Treasury and Capital Risk
The Group has
established a comprehensive set of policies, standards and controls
for managing its liquidity risk; together these set out the
requirements for Barclays’ liquidity risk framework. The
liquidity risk framework meets the PRA standards and enables
Barclays to maintain liquidity resources that are sufficient in
amount and quality, and a funding profile that is appropriate to
meet the Group’s Liquidity Risk Appetite. The liquidity risk
framework is delivered via a combination of policy formation,
review and challenge, governance, analysis, stress testing, limit
setting and monitoring.
Liquidity risk stress testing
The Internal Liquidity Stress Tests (ILST) measure the potential
contractual and contingent stress outflows under a range of
scenarios, which are then used to determine the size of the
liquidity pool that is immediately available to meet anticipated
outflows if a stress occurs. The short-term scenarios include a 30
day Barclays-specific stress event, a 90 day market-wide stress
event and a 30 day combined scenario consisting of both a Barclays
specific and market-wide stress event. The Group also runs a
liquidity stress test which measures the anticipated outflows over
a 12 month market-wide scenario.
The LCR requirement takes into account the relative stability of
different sources of funding and potential incremental funding
requirements in a stress. The LCR is designed to promote short-term
resilience of a bank’s liquidity risk profile by holding
sufficient high quality liquid assets to survive an acute stress
scenario lasting for 30 days.
As at 30 June 2024 the average LCR was 167.0% (December 2023:
161.4%). The Group held eligible liquid assets in excess of 100% of
net stress outflows as measured according to both its internal ILST
and external regulatory requirements.
Liquidity coverage
ratio1
|
As at 30.06.24
|
As at 31.12.23
|
|
£bn
|
£bn
|
LCR Eligible High Quality Liquid Assets (HQLA)
|
307.0
|
310.3
|
Net stress outflows
|
(184.2)
|
(192.6)
|
Surplus
|
122.8
|
117.7
|
|
|
|
Liquidity coverage ratio
|
167.0%
|
161.4%
|
1
|
Represents the average of the last 12 spot month end
ratios.
|
Net Stable Funding Ratio
The external NSFR metric requires banks to maintain a stable
funding profile taking into account both on and certain off balance
sheet exposures over a medium to long term period. The ratio is
defined as the Available Stable Funding (capital and certain
liabilities which are treated as stable sources of funding)
relative to the Required Stable Funding (a measure of assets on the
balance sheet and certain off balance sheet exposures which may
require longer term funding). The NSFR (average of last four
quarter ends) as at 30 June 2024 was 136.4%, which was a surplus
above requirements of £165.9bn.
Net Stable Funding
Ratio1
|
As at 30.06.24
|
As at 31.12.23
|
|
£bn
|
£bn
|
Total Available Stable Funding
|
622.1
|
606.8
|
Total Required Stable Funding
|
456.2
|
439.7
|
Surplus
|
165.9
|
167.1
|
|
|
|
Net Stable Funding Ratio
|
136.4%
|
138.0%
|
1
|
Represents the average of the last four spot quarter end
ratios.
|
As part of the liquidity risk appetite, Barclays establishes
minimum LCR, NSFR and internal liquidity stress test limits. The
Group plans to maintain its surplus to the internal and regulatory
requirements at an efficient level. Risks to market funding
conditions, the Group’s liquidity position and funding
profile are assessed continuously, and actions are taken to manage
the size of the liquidity pool and the funding profile as
appropriate.
Composition of the Group liquidity pool
|
|
|
|
|
|
|
|
|
LCR eligible1
High Quality Liquid Assets
(HQLA)
|
|
Liquidity pool
|
|
Cash
|
Level 1
|
Level 2A
|
Level 2B
|
Total
|
|
2024
|
2023
|
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
Cash and deposits with central
banks2
|
232
|
—
|
—
|
—
|
232
|
|
251
|
232
|
|
|
|
|
|
|
|
|
|
Government bonds3
|
|
|
|
|
|
|
|
|
AAA to AA-
|
—
|
58
|
—
|
—
|
58
|
|
55
|
48
|
A+ to A-
|
—
|
1
|
1
|
—
|
2
|
|
2
|
1
|
BBB+ to BBB-
|
—
|
1
|
—
|
—
|
1
|
|
1
|
1
|
Total government bonds
|
—
|
60
|
1
|
—
|
61
|
|
58
|
50
|
|
|
|
|
|
|
|
|
|
Other
|
|
|
|
|
|
|
|
|
Government Guaranteed Issuers, PSEs and GSEs
|
—
|
3
|
—
|
—
|
3
|
|
6
|
5
|
International Organisations and MDBs
|
—
|
4
|
—
|
—
|
4
|
|
4
|
3
|
Covered bonds
|
—
|
2
|
5
|
—
|
7
|
|
8
|
7
|
Other
|
—
|
—
|
—
|
2
|
2
|
|
2
|
1
|
Total other
|
—
|
9
|
5
|
2
|
16
|
|
20
|
16
|
|
|
|
|
|
|
|
|
|
Total as at 30 June 2024
|
232
|
69
|
6
|
2
|
309
|
|
329
|
|
Total as at 31 December 2023
|
211
|
52
|
9
|
2
|
274
|
|
|
298
|
1
|
The LCR eligible HQLA is adjusted under the Liquidity Coverage
Ratio (CRR) part of the PRA rulebook for operational restrictions
upon consolidation, such as trapped liquidity within Barclays
subsidiaries. It also reflects differences in eligibility of assets
between the LCR and Barclays’ Liquidity Pool.
|
2
|
Includes cash held at central banks and surplus cash at central
banks related to payment schemes. Over 99% (December 2023: over
99%) was placed with the Bank of England, US Federal Reserve,
European Central Bank, Bank of Japan and Swiss National
Bank.
|
3
|
Of which over 81% (December 2023: over 80%) comprised UK, US,
French, German, Japanese, Swiss and Dutch securities.
|
The Group liquidity pool increased to £329bn as at June
2024 (December 2023: £298bn) primarily driven by an increase
in deposits, particularly in Corporate Bank and Private Bank
deposits.
In June 2024, the month-end
liquidity pool ranged from £315bn to £341bn (2023:
£298bn to £342bn), and the month-end average balance was
£326bn (2023: £328bn). The liquidity pool is held
unencumbered and represents readily accessible funds to meet
potential cash outflows during stress periods.
As at 30 June 2024, 62% (December 2023: 59%) of the liquidity pool
was located in Barclays Bank PLC, 21% (December 2023: 22%) in
Barclays Bank UK PLC and 8% (December 2023: 11%) in Barclays Bank
Ireland PLC. The residual portion of the liquidity pool is held
outside of these entities, predominantly in US subsidiaries, to
meet entity-specific stress outflows and local regulatory
requirements. To the extent the use of this residual portion of the
liquidity pool is restricted due to local regulatory requirements,
it is assumed to be unavailable to the rest of the Group in
calculating the LCR.
The composition of the pool is subject to limits set by the Board
and the independent liquidity risk, credit risk and market risk
functions. In addition, the investment of the liquidity pool is
monitored for concentration by issuer, currency and asset type.
Given returns generated by these highly liquid assets, the risk and
reward profile is continuously managed.
Deposit funding
|
As at 30.06.24
|
|
As at 31.12.23
|
|
Loans and advances, debt securities at amortised cost
|
Deposits at amortised cost
|
Loan: deposit ratio1
|
|
Loan: deposit ratio1
|
Funding of loans and advances
|
£bn
|
£bn
|
%
|
|
%
|
Barclays UK
|
215.7
|
236.8
|
91
|
|
92
|
Barclays UK Corporate Bank
|
25.8
|
84.9
|
30
|
|
31
|
Barclays Private Bank and Wealth Management
|
14.0
|
64.6
|
22
|
|
23
|
Barclays Investment Bank
|
114.9
|
151.3
|
76
|
|
82
|
Barclays US consumer Bank
|
25.4
|
20.0
|
125
|
|
125
|
Head Office
|
3.7
|
|
|
|
|
Barclays Group
|
399.5
|
557.5
|
72
|
|
74
|
1
|
The loan: deposit ratio is calculated as loans and advances at
amortised cost and debt securities at amortised cost divided by
deposits at amortised cost.
|
Funding structure and funding relationships
The basis for liquidity risk management is a funding structure that
reduces the probability of a liquidity stress leading to an
inability to meet funding obligations as they fall due. The
Group’s overall funding strategy is to develop a diversified
funding base (geographically, by type and by counterparty) and
maintain access to a variety of alternative funding sources, to
provide protection against unexpected fluctuations, while
minimising the cost of funding.
Within this, the Group aims to align the sources and uses of
funding. As such, retail and corporate loans and advances are
largely funded by deposits in the relevant entities, with the
surplus primarily funding the liquidity pool. The majority of
reverse repurchase agreements are matched by repurchase agreements.
Derivative liabilities and assets are largely matched. A
substantial proportion of balance sheet derivative positions
qualify for counterparty netting and the remaining portions are
largely offset when netted against cash collateral received and
paid. Wholesale debt and equity is used to fund residual
assets.
These funding relationships as at 30 June 2024 are summarised
below:
|
As at 30.06.24
|
As at 31.12.23
|
|
|
As at 30.06.24
|
As at 31.12.23
|
Assets
|
£bn
|
£bn
|
|
Liabilities and equity
|
£bn
|
£bn
|
Loans and advances at amortised cost1
|
382
|
386
|
|
Deposits at amortised cost
|
557
|
539
|
Group liquidity pool
|
329
|
298
|
|
<1 Year wholesale funding
|
59
|
59
|
|
|
|
|
>1 Year wholesale funding
|
123
|
118
|
Reverse repurchase agreements, trading portfolio assets, cash
collateral and settlement balances
|
505
|
435
|
|
Repurchase agreements, trading portfolio liabilities, cash
collateral and settlement balances
|
461
|
380
|
Derivative financial instruments
|
254
|
257
|
|
Derivative financial instruments
|
242
|
250
|
Other assets2
|
107
|
101
|
|
Other liabilities
|
63
|
59
|
|
|
|
|
Equity
|
72
|
72
|
Total assets
|
1,577
|
1,477
|
|
Total liabilities and equity
|
1,577
|
1,477
|
1
|
Adjusted for liquidity pool debt securities reported at amortised
cost of £18bn (December 2023: £18bn).
|
2
|
Other assets include fair value assets that are not part of reverse
repurchase agreements or trading portfolio assets, and other asset
categories.
|
Composition of wholesale funding
Wholesale funding outstanding (excluding repurchase agreements) was
£182.2bn (December 2023: £176.8bn). In H124, the Group
issued £9.7bn of MREL eligible instruments from Barclays PLC
(the Parent company) in a range of tenors and
currencies.
Our operating companies also access wholesale funding markets to
maintain their stable and diversified funding bases. Barclays Bank
PLC continued to issue in the shorter-term and medium-term notes
markets. In addition, Barclays Bank UK PLC continued to issue in
the shorter-term markets and maintains active secured funding
programmes.
Wholesale funding of £58.9bn (December 2023: £58.6bn)
matures in less than one year, representing 32% (December 2023:
33%) of total wholesale funding outstanding. This includes
£20.8bn (December 2023: £18.7bn) related to term
funding1.
Maturity profile of wholesale
funding1,2
|
<1
|
1-3
|
3-6
|
6-12
|
<1
|
1-2
|
2-3
|
3-4
|
4-5
|
>5
|
|
|
month
|
months
|
months
|
months
|
year
|
years
|
years
|
years
|
years
|
years
|
Total
|
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
Barclays PLC (the Parent company)
|
|
|
|
|
|
|
|
|
|
|
|
Senior unsecured (public benchmark)
|
—
|
—
|
—
|
1.6
|
1.6
|
6.9
|
5.8
|
7.0
|
4.0
|
23.0
|
48.3
|
Senior unsecured (privately placed)
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
1.0
|
1.0
|
Subordinated liabilities
|
—
|
0.4
|
—
|
—
|
0.4
|
1.5
|
—
|
1.6
|
—
|
7.0
|
10.5
|
Barclays Bank PLC (including subsidiaries)
|
|
|
|
|
|
|
|
|
|
|
|
Certificates of deposit and commercial paper
|
2.2
|
5.7
|
4.0
|
9.5
|
21.4
|
0.8
|
0.1
|
—
|
—
|
—
|
22.3
|
Asset backed commercial paper
|
3.7
|
7.3
|
2.2
|
—
|
13.2
|
—
|
—
|
—
|
—
|
—
|
13.2
|
Senior unsecured (privately placed)3
|
1.5
|
3.4
|
4.2
|
7.2
|
16.3
|
9.4
|
10.1
|
7.7
|
9.1
|
20.6
|
73.2
|
Asset backed securities
|
—
|
—
|
1.0
|
1.1
|
2.1
|
1.0
|
0.1
|
0.2
|
0.5
|
3.0
|
6.9
|
Subordinated liabilities
|
—
|
0.1
|
0.2
|
0.1
|
0.4
|
—
|
0.4
|
0.2
|
—
|
0.3
|
1.3
|
Barclays Bank UK PLC (including subsidiaries)
|
|
|
|
|
|
|
|
|
|
|
|
Certificates of deposit and commercial paper
|
3.5
|
—
|
—
|
—
|
3.5
|
—
|
—
|
—
|
—
|
—
|
3.5
|
Senior unsecured (privately placed)
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
0.1
|
0.1
|
Covered bonds
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
0.5
|
0.7
|
0.7
|
1.9
|
Total as at 30 June 2024
|
10.9
|
16.9
|
11.6
|
19.5
|
58.9
|
19.6
|
16.5
|
17.2
|
14.3
|
55.7
|
182.2
|
Of which secured
|
3.7
|
7.3
|
3.2
|
1.1
|
15.3
|
1.0
|
0.1
|
0.7
|
1.2
|
3.7
|
22.0
|
Of which unsecured
|
7.2
|
9.6
|
8.4
|
18.4
|
43.6
|
18.6
|
16.4
|
16.5
|
13.1
|
52.0
|
160.2
|
|
|
|
|
|
|
|
|
|
|
|
|
Total as at 31 December 2023
|
7.5
|
19.6
|
13.9
|
17.6
|
58.6
|
20.3
|
20.4
|
11.7
|
13.5
|
52.3
|
176.8
|
Of which secured
|
2.4
|
8.2
|
1.1
|
1.0
|
12.7
|
1.2
|
0.5
|
0.5
|
0.3
|
3.8
|
19.0
|
Of which unsecured
|
5.1
|
11.4
|
12.8
|
16.6
|
45.9
|
19.1
|
19.9
|
11.2
|
13.2
|
48.5
|
157.8
|
1
|
The composition of wholesale funds comprises the balance sheet
reported financial liabilities at fair value, debt securities in
issue and subordinated liabilities. It does not include
participation in the central bank facilities reported within
repurchase agreements and other similar secured
borrowing.
|
2
|
Term funding comprises public benchmark and privately placed senior
unsecured notes, covered bonds, asset-backed securities and
subordinated debt where the original maturity of the instrument is
more than 1 year.
|
3
|
Includes structured notes of £58.7bn, of which £13.7bn
matures within one year.
|
Credit ratings
In addition to monitoring and managing key metrics related to the
financial strength of the Group, Barclays solicits independent
credit ratings from agencies such as Standard & Poor’s
Global (S&P), Moody’s and Fitch. These ratings assess the
creditworthiness of the Group, its subsidiaries and its branches,
and are based on reviews of a broad range of business and financial
attributes including capital strength, profitability, funding,
liquidity, asset quality, strategy and governance.
Barclays Bank PLC
|
Standard & Poor's
|
Moody's
|
Fitch
|
Long-term
|
A+ / Stable
|
A1 / Stable
|
A+ / Stable
|
Short-term
|
A-1
|
P-1
|
F1
|
|
|
|
|
Barclays Bank UK PLC
|
|
|
|
Long-term
|
A+ / Stable
|
A1 / Stable
|
A+ / Stable
|
Short-term
|
A-1
|
P-1
|
F1
|
|
|
|
|
Barclays PLC
|
|
|
|
Long-term
|
BBB+ / Stable
|
Baa1 / Stable
|
A / Stable
|
Short-term
|
A-2
|
P-2
|
F1
|
In H124, S&P and Fitch affirmed all ratings for Barclays PLC,
Barclays Bank PLC and Barclays Bank UK PLC.
A credit rating downgrade could result in outflows to meet
collateral requirements on existing contracts. Outflows related to
credit rating downgrades are included in the ILST scenarios and a
portion of the liquidity pool is held against this risk. Credit
ratings downgrades could also result in reduced funding capacity
and increased funding costs.
The contractual collateral requirement following one- and two-notch
long-term and associated short-term downgrades across all credit
rating agencies, would result in outflows of £1bn and
£3bn respectively on derivative contracts and other off
balance sheet products, and are provided for in determining an
appropriate liquidity pool size given the Group’s liquidity
risk appetite. These numbers do not assume any management or
restructuring actions that could be taken to reduce posting
requirements.
Regulatory
minimum requirements
Capital
The Group’s Overall Capital Requirement for CET1 remained
12.0% comprising a 4.5% Pillar 1 minimum, a 2.5% Capital
Conservation Buffer (CCB), a 1.5% Global Systemically Important
Institution (G-SII) buffer, a 2.6% Pillar 2A requirement and a 0.9%
Countercyclical Capital Buffer (CCyB).
The Group’s CCyB is based on the buffer rate applicable for
each jurisdiction in which the Group has exposures. The buffer
rates set by other national authorities for non-UK exposures are
not currently material.
The Group’s Pillar 2A requirement as per the PRA's Individual
Capital Requirement is 4.6% of which at least 56.25% needs to be
met with CET1 capital, equating to 2.6% of RWAs. The Pillar 2A
requirement, based on a point in time assessment, has been set as a
proportion of RWAs and is subject to at least annual
review.
The Group’s CET1 target ratio of 13-14% takes into account
headroom above requirements which includes a confidential
institution-specific PRA buffer. The Group remains above its
minimum capital regulatory requirements including the PRA
buffer.
Leverage
The Group is subject to a UK leverage ratio requirement of 4.1%.
This comprises the 3.25% minimum requirement, a G-SII additional
leverage ratio buffer (G-SII ALRB) of 0.53% and a countercyclical
leverage ratio buffer (CCLB) of 0.3%. The Group is also required to
disclose an average UK leverage ratio which is based on capital on
the last day of each month in the quarter and an exposure measure
for each day in the quarter.
MREL
The Group is required to meet the higher of: (i) two times the sum
of 8% Pillar 1 and 4.6% Pillar 2A equating to 25.2% of RWAs; and
(ii) 6.75% of leverage exposures. In addition, the higher of
regulatory capital and leverage buffers apply. CET1 capital cannot
be counted towards both MREL and the buffers, meaning that the
buffers, including the above mentioned confidential
institution-specific PRA buffer, will effectively be applied above
MREL requirements.
Capital ratios1,2
|
As at 30.06.24
|
As at 31.03.24
|
As at 31.12.23
|
CET1
|
13.6%
|
13.5%
|
13.8%
|
T1
|
17.3%
|
17.3%
|
17.7%
|
Total regulatory capital
|
19.9%
|
19.6%
|
20.1%
|
MREL ratio as a percentage of total RWAs
|
33.5%
|
33.4%
|
33.6%
|
|
|
|
|
Own funds and eligible liabilities
|
£m
|
£m
|
£m
|
Total equity excluding non-controlling interests per the balance
sheet
|
71,173
|
71,680
|
71,204
|
Less: other equity instruments (recognised as AT1
capital)
|
(12,959)
|
(13,241)
|
(13,259)
|
Adjustment to retained earnings for foreseeable ordinary share
dividends
|
(645)
|
(1,123)
|
(795)
|
Adjustment to retained earnings for foreseeable repurchase of
shares
|
(222)
|
(796)
|
—
|
Adjustment to retained earnings for foreseeable other equity
coupons
|
(41)
|
(46)
|
(43)
|
|
|
|
|
Other regulatory adjustments and deductions
|
|
|
|
Additional value adjustments (PVA)
|
(1,887)
|
(1,834)
|
(1,901)
|
Goodwill and intangible assets
|
(7,835)
|
(7,807)
|
(7,790)
|
Deferred tax assets that rely on future profitability excluding
temporary differences
|
(1,630)
|
(1,558)
|
(1,630)
|
Fair value reserves related to gains or losses on cash flow
hedges
|
3,799
|
4,049
|
3,707
|
Excess of expected losses over impairment
|
(324)
|
(299)
|
(296)
|
Gains or losses on liabilities at fair value resulting from own
credit
|
622
|
378
|
136
|
Defined benefit pension fund assets
|
(2,564)
|
(2,509)
|
(2,654)
|
Direct and indirect holdings by an institution of own CET1
instruments
|
(5)
|
(3)
|
(20)
|
Adjustment under IFRS 9 transitional arrangements
|
123
|
137
|
288
|
Other regulatory adjustments
|
90
|
116
|
357
|
CET1 capital
|
47,695
|
47,144
|
47,304
|
|
|
|
|
AT1 capital
|
|
|
|
Capital instruments and related share premium accounts
|
13,000
|
13,263
|
13,263
|
Other regulatory adjustments and deductions
|
(41)
|
(22)
|
(60)
|
AT1 capital
|
12,959
|
13,241
|
13,203
|
|
|
|
|
T1 capital
|
60,654
|
60,385
|
60,507
|
|
|
|
|
T2 capital
|
|
|
|
Capital instruments and related share premium accounts
|
8,836
|
7,704
|
7,966
|
Qualifying T2 capital (including minority interests) issued by
subsidiaries
|
385
|
401
|
569
|
Credit risk adjustments (excess of impairment over expected
losses)
|
39
|
—
|
—
|
Other regulatory adjustments and deductions
|
(43)
|
(35)
|
(160)
|
Total regulatory capital
|
69,871
|
68,455
|
68,882
|
|
|
|
|
Less : Ineligible T2 capital (including minority interests) issued
by subsidiaries
|
(385)
|
(401)
|
(569)
|
Eligible liabilities
|
48,299
|
48,770
|
46,995
|
|
|
|
|
Total own funds and eligible
liabilities3
|
117,785
|
116,824
|
115,308
|
|
|
|
|
Total RWAs
|
351,433
|
349,635
|
342,717
|
1
|
CET1, T1 and T2 capital, and RWAs are calculated applying the
transitional arrangements in accordance with UK CRR. This includes
IFRS 9 transitional arrangements and the grandfathering of certain
capital instruments until 28 June 2025.
|
2
|
The fully loaded CET1 ratio, as is relevant for assessing against
the conversion trigger in Barclays PLC AT1 securities, was 13.5%,
with £47.6bn of CET1 capital and £351.4bn of RWAs
calculated without applying the transitional arrangements in
accordance with UK CRR.
|
3
|
As at 30 June 2024, the Group's MREL requirement, excluding the PRA
buffer, was to hold £105.8bn of own funds and eligible
liabilities equating to 30.1% of RWAs. The Group remains above its
MREL regulatory requirement including the PRA buffer.
|
Movement in CET1 capital
|
Three months ended 30.06.24
|
Six months ended 30.06.24
|
|
£m
|
£m
|
Opening CET1 capital
|
47,144
|
47,304
|
|
|
|
Profit for the period attributable to equity holders
|
1,488
|
3,297
|
Own credit relating to derivative liabilities
|
5
|
24
|
Ordinary share dividends paid and foreseen
|
(317)
|
(645)
|
Purchased and foreseeable share repurchase
|
—
|
(1,000)
|
Other equity coupons paid and foreseen
|
(246)
|
(508)
|
Increase in retained regulatory capital generated from
earnings
|
930
|
1,168
|
|
|
|
Net impact of share schemes
|
171
|
(70)
|
Fair value through other comprehensive income reserve
|
(100)
|
(269)
|
Currency translation reserve
|
(121)
|
(84)
|
Other reserves
|
(105)
|
(103)
|
Decrease in other qualifying reserves
|
(155)
|
(526)
|
|
|
|
Pension remeasurements within reserves
|
56
|
(97)
|
Defined benefit pension fund asset deduction
|
(55)
|
90
|
Net impact of pensions
|
1
|
(7)
|
|
|
|
Additional value adjustments (PVA)
|
(53)
|
14
|
Goodwill and intangible assets
|
(28)
|
(45)
|
Deferred tax assets that rely on future profitability excluding
those arising from temporary differences
|
(72)
|
—
|
Excess of expected loss over impairment
|
(25)
|
(28)
|
Direct and indirect holdings by an institution of own CET1
instruments
|
(2)
|
15
|
Adjustment under IFRS 9 transitional arrangements
|
(14)
|
(165)
|
Other regulatory adjustments
|
(31)
|
(35)
|
Decrease in regulatory capital due to adjustments and
deductions
|
(225)
|
(244)
|
|
|
|
Closing CET1 capital
|
47,695
|
47,695
|
CET1 capital increased £0.4bn to £47.7bn (December 2023:
£47.3bn), primarily due to:
●
£3.3bn
of capital generated from profit partially offset by distributions
of £2.1bn comprising:
-
£1.0bn
of share buybacks announced with FY23 results
-
£0.6bn
accrual towards the FY24 dividend
-
£0.5bn
of equity coupons paid and foreseen
●
£0.5bn
decrease in other qualifying reserves including a reduction in the
fair value through other comprehensive income reserve
RWAs by risk type and business
|
|
Credit risk
|
|
Counterparty credit risk
|
|
Market Risk
|
|
Operational risk
|
Total RWAs
|
|
STD
|
IRB
|
|
STD
|
IRB
|
Settlement Risk
|
CVA
|
|
STD
|
IMA
|
|
|
|
As at 30.06.24
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
|
£m
|
£m
|
Barclays UK
|
9,349
|
55,055
|
|
101
|
12
|
—
|
72
|
|
169
|
—
|
|
11,715
|
76,473
|
Barclays UK Corporate Bank
|
4,033
|
13,881
|
|
91
|
327
|
—
|
12
|
|
3
|
487
|
|
3,024
|
21,858
|
Barclays Private Bank & Wealth Management
|
4,612
|
467
|
|
85
|
33
|
—
|
13
|
|
—
|
293
|
|
1,546
|
7,049
|
Barclays Investment Bank
|
41,151
|
50,854
|
|
20,426
|
23,636
|
159
|
2,897
|
|
14,173
|
25,811
|
|
24,179
|
203,286
|
Barclays US Consumer Bank
|
19,462
|
917
|
|
—
|
—
|
—
|
—
|
|
—
|
—
|
|
4,051
|
24,430
|
Head Office
|
6,470
|
10,609
|
|
1
|
21
|
—
|
4
|
|
1
|
188
|
|
1,043
|
18,337
|
Barclays Group
|
85,077
|
131,783
|
|
20,704
|
24,029
|
159
|
2,998
|
|
14,346
|
26,779
|
|
45,558
|
351,433
|
As at 31.03.24
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Barclays UK
|
10,220
|
54,103
|
|
184
|
—
|
—
|
109
|
|
190
|
—
|
|
11,715
|
76,521
|
Barclays UK Corporate Bank
|
3,453
|
13,966
|
|
105
|
364
|
—
|
34
|
|
2
|
484
|
|
3,024
|
21,432
|
Barclays Private Bank & Wealth Management
|
4,678
|
452
|
|
173
|
28
|
—
|
19
|
|
—
|
292
|
|
1,546
|
7,188
|
Barclays Investment Bank
|
39,230
|
53,204
|
|
20,182
|
23,437
|
48
|
2,789
|
|
13,727
|
23,631
|
|
24,179
|
200,427
|
Barclays US Consumer Bank
|
18,817
|
1,001
|
|
—
|
—
|
—
|
—
|
|
—
|
—
|
|
4,051
|
23,869
|
Head Office
|
6,409
|
12,535
|
|
1
|
18
|
—
|
4
|
|
1
|
187
|
|
1,043
|
20,198
|
Barclays Group
|
82,807
|
135,261
|
|
20,645
|
23,847
|
48
|
2,955
|
|
13,920
|
24,594
|
|
45,558
|
349,635
|
As at 31.12.23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Barclays UK
|
10,472
|
50,761
|
|
178
|
—
|
—
|
94
|
|
274
|
—
|
|
11,715
|
73,494
|
Barclays UK Corporate Bank
|
3,458
|
13,415
|
|
262
|
167
|
—
|
14
|
|
2
|
541
|
|
3,024
|
20,883
|
Barclays Private Bank & Wealth Management
|
4,611
|
455
|
|
182
|
27
|
—
|
30
|
|
1
|
322
|
|
1,546
|
7,174
|
Barclays Investment Bank
|
37,749
|
52,190
|
|
18,512
|
21,873
|
159
|
3,248
|
|
14,623
|
24,749
|
|
24,179
|
197,282
|
Barclays US Consumer Bank
|
19,824
|
966
|
|
—
|
—
|
—
|
—
|
|
—
|
—
|
|
4,051
|
24,841
|
Head Office
|
6,772
|
10,951
|
|
1
|
21
|
—
|
6
|
|
1
|
248
|
|
1,043
|
19,043
|
Barclays Group
|
82,886
|
128,738
|
|
19,135
|
22,088
|
159
|
3,392
|
|
14,901
|
25,860
|
|
45,558
|
342,717
|
Movement analysis of RWAs
|
Credit risk
|
Counterparty credit risk
|
Market risk
|
Operational risk
|
Total RWAs
|
|
£m
|
£m
|
£m
|
£m
|
£m
|
Opening RWAs (as at 31.12.23)
|
211,624
|
44,774
|
40,761
|
45,558
|
342,717
|
Book size
|
2,469
|
2,998
|
434
|
—
|
5,901
|
Acquisitions and disposals
|
(856)
|
—
|
—
|
—
|
(856)
|
Book quality
|
(1,380)
|
(21)
|
—
|
—
|
(1,401)
|
Model updates
|
—
|
—
|
—
|
—
|
—
|
Methodology and policy
|
4,974
|
525
|
—
|
—
|
5,499
|
Foreign exchange movements1
|
29
|
(386)
|
(70)
|
—
|
(427)
|
Total RWA movements
|
5,236
|
3,116
|
364
|
—
|
8,716
|
Closing RWAs (as at 30.06.24)
|
216,860
|
47,890
|
41,125
|
45,558
|
351,433
|
1
|
Foreign exchange movements does not include the impact of foreign
exchange for modelled market risk or operational risk.
|
Overall RWAs increased £8.7bn to £351.4bn (December 2023:
£342.7bn).
Credit risk RWAs increased £5.2bn:
●
A
£2.5bn increase in book size due to business activity in IB
and higher client lending limits within UKCB
●
A
£0.9bn decrease in acquisitions and disposals due to the sale
of the performing Italian mortgage portfolio
●
A
£1.4bn decrease in book quality RWAs mainly driven by changes
in risk parameters primarily within Barclays UK
●
A
£5.0bn increase in methodology and policy primarily driven by
regulatory model changes in Barclays UK
Counterparty Credit risk RWAs increased £3.1bn:
●
A
£3.0bn increase in book size primarily due to seasonal
increases in the Investment Bank, relative to FY23
Leverage ratios1,2
|
As at 30.06.24
|
As at 31.12.23
|
£m
|
£m
|
UK leverage ratio3
|
5.0%
|
5.2%
|
T1 capital
|
60,654
|
60,507
|
UK leverage exposure
|
1,222,722
|
1,168,275
|
Average UK leverage ratio
|
4.7%
|
4.8%
|
Average T1 capital
|
60,617
|
60,343
|
Average UK leverage exposure
|
1,300,424
|
1,266,880
|
1
|
Capital and leverage measures are calculated applying the
transitional arrangements in accordance with UK CRR.
|
2
|
Fully loaded UK leverage ratio was 5.0%, with £60.5bn of T1
capital and £1,222.6bn of leverage exposure. Fully loaded
average UK leverage ratio was 4.7% with £60.5bn of T1 capital
and £1,300.3bn of leverage exposure. Fully loaded UK leverage
ratios are calculated without applying the transitional
arrangements in accordance with UK CRR. fully loaded CET1 ratio, as
is relevant for assessing against the conversion trigger in
Barclays PLC AT1 securities, was 13.5%, with £47.6bn of CET1
capital and £351.4bn of RWAs calculated without applying the
transitional arrangements in accordance with UK CRR.
|
3
|
Although the leverage ratio is expressed in terms of T1 capital,
the leverage ratio buffers and 75% of the minimum requirement must
be covered solely with CET1 capital. The CET1 capital held against
the 0.53% G-SII ALRB was £6.4bn and against the 0.3% CCLB was
£3.7bn.
|
The UK leverage ratio decreased to 5.0% (December 2023: 5.2%)
primarily due to a £54.4bn increase in leverage exposure to
£1,222.7bn, largely driven by an increase in trading
securities and secured lending in IB.
Statement of Directors' Responsibilities
The Directors (the names of whom are set out below) are required to
prepare the financial statements on a going concern basis unless it
is not appropriate to do so. In making this assessment, the
directors have considered information relating to present and
future conditions. Each of the Directors confirm that to the best
of their knowledge, the condensed consolidated interim financial
statements set out on pages 61 to 66 have been prepared in
accordance with International Accounting Standard 34,
‘Interim Financial Reporting’, as adopted by the UK,
and that the interim management report herein includes a fair
review of the information required by Disclosure Guidance and
Transparency Rules 4.2.7R and 4.2.8R namely:
●
an
indication of important events that have occurred during the six
months ended 30 June 2024 and their impact on the condensed
consolidated interim financial statements, and a description of the
principal risks and uncertainties for the remaining six months of
the financial year
●
any
related party transactions in the six months ended 30 June 2024
that have materially affected the financial position or performance
of Barclays during that period and any changes in the related party
transactions described in the last Annual Report that could have a
material effect on the financial position or performance of
Barclays in the six months ended 30 June 2024
Signed on 31 July 2024 on behalf of the Board by
C.S. Venkatakrishnan
|
Anna Cross
|
Group Chief Executive
|
Group Finance Director
|
|
|
Barclays PLC Board of Directors
Chairman
|
Executive Directors
|
Non-Executive Directors
|
Nigel Higgins
|
C.S. Venkatakrishnan
|
Robert Berry
|
|
Anna Cross
|
Tim Breedon CBE
|
|
|
Mohamed A. El-Erian
|
|
|
Dawn Fitzpatrick
|
|
|
Mary Francis CBE
|
|
|
Brian Gilvary
|
|
|
Sir John Kingman
|
|
|
Marc Moses
|
|
|
Diane Schueneman
|
|
|
Brian Shea
|
|
|
Julia Wilson
|
Independent Review Report to Barclays PLC
Conclusion
We have been engaged by Barclays PLC (“the Company” or
"the Group") to review the condensed set of financial statements in
the Interim Results Announcement for the six months ended 30 June
2024 which comprises:
●
the
condensed consolidated income statement and condensed consolidated
statement of comprehensive income for the period then
ended;
●
the
condensed consolidated balance sheet as at 30 June
2024;
●
the
condensed consolidated statement of changes in equity for the
period then ended;
●
the
condensed consolidated cash flow statement for the period then
ended; and
●
the
related explanatory notes.
Based on our review, nothing has come to our attention that causes
us to believe that the condensed set of financial statements in the
Interim Results Announcement for the six months ended 30 June 2024
is not prepared, in all material respects, in accordance with IAS
34 Interim Financial Reporting as adopted for use in the UK and the
Disclosure Guidance and Transparency Rules (“the DTR”)
of the UK’s Financial Conduct Authority (“the UK
FCA”).
Basis for conclusion
We conducted our review in accordance with International Standard
on Review Engagements (UK) 2410 Review of Interim Financial
Information Performed by the Independent Auditor of the Entity
(“ISRE (UK) 2410”) issued for use in the UK. A review
of interim financial information consists of making enquiries,
primarily of persons responsible for financial and accounting
matters, and applying analytical and other review procedures. We
read the other information contained in the Interim Results
Announcement and consider whether it contains any apparent
misstatements or material inconsistencies with the information in
the condensed set of financial statements.
A review is substantially less in scope than an audit conducted in
accordance with International Standards on Auditing (UK) and
consequently does not enable us to obtain assurance that we would
become aware of all significant matters that might be identified in
an audit. Accordingly, we do not express an audit
opinion.
Conclusions relating to going concern
Based on our review procedures, which are less extensive than those
performed in an audit as described in the Basis for conclusion
section of this report, nothing has come to our attention that
causes us to believe that the directors have inappropriately
adopted the going concern basis of accounting, or that the
directors have identified material uncertainties relating to going
concern that have not been appropriately disclosed.
This conclusion is based on the review procedures performed in
accordance with ISRE (UK) 2410. However, future events or
conditions may cause the Group to cease to continue as a going
concern, and the above conclusions are not a guarantee that the
Group will continue in operation.
Directors’ responsibilities
The Interim Results Announcement is the responsibility of, and has
been approved by, the directors. The directors are responsible for
preparing the Interim Results Announcement in accordance with the
DTR of the UK FCA.
As disclosed in note 1, the annual financial statements of the
Barclays PLC Group are prepared in accordance with UK-adopted
international accounting standards.
The directors are responsible for preparing the condensed set of
financial statements included in the Interim Results Announcement
in accordance with IAS 34 as adopted for use in the
UK.
In preparing the condensed set of financial statements, the
directors are responsible for assessing the Group’s ability
to continue as a going concern, disclosing, as applicable, matters
related to going concern and using the going concern basis of
accounting unless the directors either intend to liquidate the
Group or to cease operations, or have no realistic alternative but
to do so.
Our responsibility
Our responsibility is to express to the Company a conclusion on the
condensed set of financial statements in the Interim Results
Announcement based on our review. Our conclusion, including our
conclusions relating to going concern, are based on procedures that
are less extensive than audit procedures, as described in the Basis
for conclusion section of this report.
The purpose of our review work and to whom we owe our
responsibilities
This report is made solely to the Company in accordance with the
terms of our engagement to assist the Company in meeting the
requirements of the DTR of the UK FCA. Our review has been
undertaken so that we might state to the Company those matters we
are required to state to it in this report and for no other
purpose. To the fullest extent permitted by law, we do not accept
or assume responsibility to anyone other than the Company for our
review work, for this report, or for the conclusions we have
reached.
Stuart Crisp
for and on behalf of KPMG LLP
Chartered Accountants
15
Canada Square
London,
E14 5GL
31 July
2024
Condensed Consolidated Financial Statements
Condensed consolidated income statement (unaudited)
|
|
|
Half year ended 30.06.24
|
Half year ended 30.06.23
|
|
Notes1
|
£m
|
£m
|
Interest and similar income
|
|
18,642
|
15,632
|
Interest and similar expense
|
|
(12,514)
|
(9,309)
|
Net interest income
|
|
6,128
|
6,323
|
Fee and commission income
|
3
|
5,429
|
5,257
|
Fee and commission expense
|
3
|
(1,691)
|
(1,898)
|
Net fee and commission income
|
3
|
3,738
|
3,359
|
Net trading income
|
|
3,228
|
3,786
|
Net investment income
|
|
160
|
10
|
Other income
|
|
23
|
44
|
Total income
|
|
13,277
|
13,522
|
|
|
|
|
Staff costs
|
4
|
(4,964)
|
(4,985)
|
Infrastructure, administration and general expenses
|
5
|
(3,033)
|
(3,045)
|
UK
regulatory levies2
|
|
(120)
|
—
|
Litigation and conduct
|
|
(64)
|
(32)
|
Operating expenses
|
|
(8,181)
|
(8,062)
|
|
|
|
|
Share of post-tax results of associates and joint
ventures
|
|
16
|
(2)
|
Profit before impairment
|
|
5,112
|
5,458
|
Credit impairment charges
|
|
(897)
|
(896)
|
Profit before tax
|
|
4,215
|
4,562
|
Tax charge
|
|
(892)
|
(914)
|
Profit after tax
|
|
3,323
|
3,648
|
|
|
|
|
Attributable to:
|
|
|
|
Shareholders of the parent
|
|
2,787
|
3,111
|
Other equity holders
|
|
510
|
507
|
Equity holders of the parent
|
|
3,297
|
3,618
|
Non-controlling interests
|
|
26
|
30
|
Profit after tax
|
|
3,323
|
3,648
|
|
|
|
|
Earnings per share
|
|
|
|
Basic earnings per ordinary share
|
6
|
18.6p
|
19.9p
|
Diluted earnings per ordinary share
|
6
|
18.1p
|
19.3p
|
|
|
|
|
1
|
For Notes to the Financial Statements see pages 67 to
88.
|
2
|
Comprises the impact of the BoE levy scheme. Please refer to
Financial Review, Other matters for details.
|
Condensed consolidated statement of comprehensive income
(unaudited)
|
|
|
Half year ended 30.06.24
|
Half year ended 30.06.23
|
|
Notes1
|
£m
|
£m
|
Profit after tax
|
|
3,323
|
3,648
|
|
|
|
|
Other comprehensive (loss)/ income
that may be recycled to profit or loss:2
|
|
|
Currency translation reserve
|
14
|
(84)
|
(1,173)
|
Fair value through other comprehensive income reserve
|
14
|
(269)
|
77
|
Cash flow hedging reserve
|
14
|
(90)
|
(755)
|
Other comprehensive loss that may be recycled to
profit
|
|
(443)
|
(1,851)
|
|
|
|
|
Other comprehensive loss not recycled
to profit or loss:2
|
|
|
Retirement benefit remeasurements
|
13
|
(97)
|
(476)
|
Fair value through other comprehensive income reserve
|
14
|
—
|
(2)
|
Own credit
|
14
|
(462)
|
(494)
|
Other comprehensive loss not recycled to profit
|
|
(559)
|
(972)
|
|
|
|
|
Other comprehensive loss for the period
|
|
(1,002)
|
(2,823)
|
|
|
|
|
Total comprehensive income for the period
|
|
2,321
|
825
|
|
|
|
|
Attributable to:
|
|
|
|
Equity holders of the parent
|
|
2,295
|
795
|
Non-controlling interests
|
|
26
|
30
|
Total comprehensive income for the period
|
|
2,321
|
825
|
|
|
|
|
1
|
For Notes to the Financial Statements see pages 67 to
88.
|
2
|
Reported net of tax.
|
Condensed consolidated balance sheet (unaudited)
|
|
|
As at 30.06.24
|
As at 31.12.23
|
Assets
|
Notes1
|
£m
|
£m
|
Cash and balances at central banks
|
|
243,459
|
224,634
|
Cash collateral and settlement balances
|
|
146,754
|
108,889
|
Debt securities at amortised cost
|
|
61,700
|
56,749
|
Loans and advances at amortised cost to banks
|
|
8,014
|
9,459
|
Loans and advances at amortised cost to customers
|
|
329,795
|
333,288
|
Reverse repurchase agreements and other similar secured lending at
amortised cost
|
|
4,724
|
2,594
|
Trading portfolio assets
|
|
197,306
|
174,605
|
Financial assets at fair value through the income
statement
|
|
215,206
|
206,651
|
Derivative financial instruments
|
8
|
253,614
|
256,836
|
Financial assets at fair value through other comprehensive
income
|
|
82,747
|
71,836
|
Investments in associates and joint ventures
|
|
876
|
879
|
Goodwill and intangible assets
|
10
|
7,839
|
7,794
|
Property, plant and equipment
|
|
3,650
|
3,417
|
Current tax assets
|
|
176
|
121
|
Deferred tax assets
|
|
6,274
|
5,960
|
Retirement benefit assets
|
13
|
3,541
|
3,667
|
Assets included in a disposal group classified as held for
sale
|
|
3,725
|
3,916
|
Other assets
|
|
7,234
|
6,192
|
Total assets
|
|
1,576,634
|
1,477,487
|
|
|
|
|
Liabilities
|
|
|
|
Deposits at amortised cost from banks
|
|
19,371
|
14,472
|
Deposits at amortised cost from customers
|
|
538,081
|
524,317
|
Cash collateral and settlement balances
|
|
144,582
|
94,084
|
Repurchase agreements and other similar secured borrowings at
amortised cost
|
|
52,352
|
41,601
|
Debt securities in issue
|
|
96,772
|
96,825
|
Subordinated liabilities
|
11
|
11,795
|
10,494
|
Trading portfolio liabilities
|
|
59,315
|
58,669
|
Financial liabilities designated at fair value
|
|
320,957
|
297,539
|
Derivative financial instruments
|
8
|
242,136
|
250,044
|
Current tax liabilities
|
|
686
|
529
|
Deferred tax liabilities
|
|
22
|
22
|
Retirement benefit liabilities
|
13
|
277
|
266
|
Provisions
|
12
|
1,292
|
1,584
|
Liabilities included in a disposal group classified as held for
sale
|
|
3,984
|
3,164
|
Other liabilities
|
|
13,179
|
12,013
|
Total liabilities
|
|
1,504,801
|
1,405,623
|
|
|
|
|
Equity
|
|
|
|
Called up share capital and share premium
|
|
4,256
|
4,288
|
Other reserves
|
14
|
(882)
|
(77)
|
Retained earnings
|
|
54,840
|
53,734
|
Shareholders' equity attributable to ordinary shareholders of the
parent
|
|
58,214
|
57,945
|
Other equity instruments
|
|
12,959
|
13,259
|
Total equity excluding non-controlling interests
|
|
71,173
|
71,204
|
Non-controlling interests
|
|
660
|
660
|
Total equity
|
|
71,833
|
71,864
|
|
|
|
|
Total liabilities and equity
|
|
1,576,634
|
1,477,487
|
1
|
For Notes to the Financial Statements see pages 67 to 88.
Retail mortgages
|
Condensed consolidated statement of changes in equity
(unaudited)
|
|
Called up share capital and share
premium1,
2
|
Other equity
instruments3
|
Other reserves4
|
Retained earnings
|
Total
|
Non-controlling interests
|
Total equity
|
Half year ended 30.06.2024
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
Balance as at 1 January 2024
|
4,288
|
13,259
|
(77)
|
53,734
|
71,204
|
660
|
71,864
|
Profit after tax
|
—
|
510
|
—
|
2,787
|
3,297
|
26
|
3,323
|
Currency translation movements
|
—
|
—
|
(84)
|
—
|
(84)
|
—
|
(84)
|
Fair value through other comprehensive income reserve
|
—
|
—
|
(269)
|
—
|
(269)
|
—
|
(269)
|
Cash flow hedges
|
—
|
—
|
(90)
|
—
|
(90)
|
—
|
(90)
|
Retirement benefit remeasurements
|
|
—
|
—
|
(97)
|
(97)
|
—
|
(97)
|
Own credit
|
—
|
—
|
(462)
|
—
|
(462)
|
—
|
(462)
|
Total comprehensive income for the period
|
—
|
510
|
(905)
|
2,690
|
2,295
|
26
|
2,321
|
Employee share schemes and hedging thereof
|
65
|
—
|
—
|
582
|
647
|
—
|
647
|
Issue and redemption of other equity instruments
|
—
|
(263)
|
—
|
(92)
|
(355)
|
—
|
(355)
|
Other equity instruments coupon paid
|
—
|
(510)
|
—
|
—
|
(510)
|
—
|
(510)
|
Vesting of employee share schemes
|
—
|
—
|
3
|
(488)
|
(485)
|
—
|
(485)
|
Dividends paid
|
—
|
—
|
—
|
(796)
|
(796)
|
(26)
|
(822)
|
Repurchase of shares
|
(97)
|
—
|
97
|
(782)
|
(782)
|
—
|
(782)
|
Other movements
|
—
|
(37)
|
—
|
(8)
|
(45)
|
—
|
(45)
|
Balance as at 30 June 2024
|
4,256
|
12,959
|
(882)
|
54,840
|
71,173
|
660
|
71,833
|
Condensed consolidated statement of changes in equity
(unaudited)
|
|
Called up share capital and share
premium1,
2
|
Other equity
instruments3
|
Other reserves
|
Retained earnings
|
Total
|
Non-controlling interests
|
Total equity
|
Half year ended 31.12.2023
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
Balance as at 1 July 2023
|
4,325
|
13,759
|
(4,457)
|
54,042
|
67,669
|
876
|
68,545
|
Profit after tax
|
—
|
478
|
—
|
1,163
|
1,641
|
34
|
1,675
|
Currency translation movements
|
—
|
—
|
72
|
—
|
72
|
—
|
72
|
Fair value through other comprehensive income reserve
|
—
|
—
|
119
|
—
|
119
|
—
|
119
|
Cash flow hedges
|
—
|
—
|
4,283
|
—
|
4,283
|
—
|
4,283
|
Retirement benefit remeasurements
|
—
|
—
|
—
|
(379)
|
(379)
|
—
|
(379)
|
Own credit
|
—
|
—
|
(216)
|
—
|
(216)
|
—
|
(216)
|
Total comprehensive income for the period
|
—
|
478
|
4,258
|
784
|
5,520
|
34
|
5,554
|
Employee share schemes and hedging thereof
|
86
|
—
|
—
|
126
|
212
|
—
|
212
|
Issue and redemption of other equity instruments
|
—
|
(530)
|
—
|
(30)
|
(560)
|
(219)
|
(779)
|
Other equity instruments coupon paid
|
—
|
(478)
|
—
|
—
|
(478)
|
—
|
(478)
|
Vesting of employee share schemes
|
—
|
—
|
(4)
|
(22)
|
(26)
|
—
|
(26)
|
Dividends paid
|
—
|
—
|
—
|
(417)
|
(417)
|
(34)
|
(451)
|
Repurchase of shares
|
(123)
|
—
|
123
|
(754)
|
(754)
|
—
|
(754)
|
Other movements
|
—
|
30
|
3
|
5
|
38
|
3
|
41
|
Balance as at 31 December 2023
|
4,288
|
13,259
|
(77)
|
53,734
|
71,204
|
660
|
71,864
|
Condensed consolidated statement of changes in equity
(unaudited)
|
|
Called up share capital and share
premium1,
2
|
Other equity
instruments3
|
Other reserves
|
Retained earnings
|
Total
|
Non-controlling interests
|
Total equity
|
Half year ended 30.06.2023
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
Balance as at 1 January 2023
|
4,373
|
13,284
|
(2,192)
|
52,827
|
68,292
|
968
|
69,260
|
Profit after tax
|
—
|
507
|
—
|
3,111
|
3,618
|
30
|
3,648
|
Currency translation movements
|
—
|
—
|
(1,173)
|
—
|
(1,173)
|
—
|
(1,173)
|
Fair value through other comprehensive income reserve
|
—
|
—
|
75
|
—
|
75
|
—
|
75
|
Cash flow hedges
|
—
|
—
|
(755)
|
—
|
(755)
|
—
|
(755)
|
Retirement benefit remeasurements
|
—
|
—
|
—
|
(476)
|
(476)
|
—
|
(476)
|
Own credit
|
—
|
—
|
(494)
|
—
|
(494)
|
—
|
(494)
|
Total comprehensive income for the period
|
—
|
507
|
(2,347)
|
2,635
|
795
|
30
|
825
|
Employee share schemes and hedging thereof
|
38
|
—
|
—
|
371
|
409
|
—
|
409
|
Issue and redemption of other equity instruments
|
—
|
500
|
—
|
(8)
|
492
|
(93)
|
399
|
Other equity instruments coupon paid
|
—
|
(507)
|
—
|
—
|
(507)
|
—
|
(507)
|
Vesting of employee share schemes
|
—
|
—
|
(4)
|
(484)
|
(488)
|
—
|
(488)
|
Dividends paid
|
—
|
—
|
—
|
(793)
|
(793)
|
(30)
|
(823)
|
Repurchase of shares
|
(86)
|
—
|
86
|
(503)
|
(503)
|
—
|
(503)
|
Other movements
|
—
|
(25)
|
—
|
(3)
|
(28)
|
1
|
(27)
|
Balance as at 30 June 2023
|
4,325
|
13,759
|
(4,457)
|
54,042
|
67,669
|
876
|
68,545
|
1
|
As at 30 June 2024, Called up share capital comprises 14,826m
(December 2023: 15,155m) ordinary shares of 25p each
|
2
|
During the period ended 30 June 2024, Barclays PLC announced and
executed a share buy-back of up to £1,000m. 389m shares were
repurchased and cancelled. The nominal value of £97m has been
transferred from Share capital to Capital redemption reserve within
Other reserves. During the year ended 31 December 2023, two share
buybacks were executed, totalling £1,250m. Barclays PLC
repurchased and cancelled 837m shares. The nominal value of
£209m was transferred from Share capital to Capital redemption
reserve within Other reserves.
|
3
|
Other equity instruments of £12,959m (December 2023:
£13,259m) comprise AT1 securities issued by Barclays PLC.
There was one issuance in the form of Fixed Rate Resetting
Perpetual Subordinated Contingent Convertible Securities for
£1,245m (net of £5m issuance costs) and one redemption of
£1,509m (net of £6m issuance costs, transferred to
retained earnings on redemption) for the period ended 30th June
2024. During the period ended 31 December 2023, there were three
issuances in the form of Fixed Rate Resetting Perpetual
Subordinated Contingent Convertible Securities, for £3,140m,
which includes issuance costs of £10m and two redemptions
totalling £3,170m.
|
4
|
See Note 14 Other reserves.
|
Condensed consolidated cash flow statement (unaudited)
|
|
Half year ended 30.06.24
|
Half year ended 30.06.23
|
|
£m
|
£m
|
Profit before tax
|
4,215
|
4,562
|
Adjustment for non-cash items
|
4,976
|
10,085
|
Net decrease in loans and advances at amortised cost
|
1,839
|
7,734
|
Net increase in deposits at amortised cost
|
18,663
|
8,919
|
Net decrease in debt securities in issue
|
(1,686)
|
(9,596)
|
Changes in other operating assets and liabilities
|
10,103
|
2,553
|
Corporate income tax paid
|
(540)
|
(346)
|
Net cash from operating activities
|
37,570
|
23,911
|
Net cash from investing activities
|
(16,333)
|
(14,784)
|
Net cash from financing
activities1
|
166
|
(191)
|
Effect of exchange rates on cash and cash equivalents
|
(1,624)
|
(6,069)
|
Net increase in cash and cash equivalents
|
19,779
|
2,867
|
Cash and cash equivalents at beginning of the period
|
248,007
|
278,790
|
Cash and cash equivalents at end of the period
|
267,786
|
281,657
|
1
|
Issuance and redemption of debt securities included in financing
activities relate to instruments that qualify as eligible
liabilities and satisfy regulatory requirements for MREL
instruments which came into effect during 2019.
|
Financial Statement Notes
These condensed consolidated interim financial statements ("the
financial statements") for the six months ended 30 June 2024 have
been prepared in accordance with the Disclosure Guidance and
Transparency Rules (DTR) of the UK’s FCA, and IAS 34, Interim
Financial Reporting, as published by the International Accounting
Standards Board (IASB) and adopted by the UK.
The condensed consolidated interim financial statements should be
read in conjunction with the annual financial statements for the
year ended 31 December 2023. The annual financial statements for
the year ended 31 December 2023 were prepared in accordance with
international accounting standards in conformity with the
requirements of the Companies Act 2006 and in accordance with
International Financial Reporting Standards (IFRS) and
interpretations (IFRICs) as issued by the IASB and adopted by the
UK.
The accounting policies and methods of computation used in these
condensed consolidated interim financial statements are the same as
those used in the Barclays PLC Annual Report for the financial year
ended 31 December 2023.
The financial statements are prepared on a going concern basis, as
the Directors are satisfied that the Group and parent company have
the resources to continue in business for a period of at least 12
months from approval of the interim financial statements. In making
this assessment, the Directors have considered a wide range of
information relating to present and future conditions and includes
a review of a working capital report (WCR). The WCR is used by the
Directors to assess the future performance of the business and that
it has the resources in place that are required to meet its ongoing
regulatory requirements. The WCR also includes an assessment of the
impact of internally generated stress testing scenarios on the
liquidity and capital requirement forecasts. The stress tests used
were based upon an assessment of reasonably possible downside
economic scenarios that the Group could experience.
The WCR indicated that the Group had sufficient capital in place to
support its future business requirements and remained above its
regulatory minimum requirements in the internal stress
scenarios.
The Credit risk disclosures on pages 27 to 46 form part of these
interim financial statements.
Analysis of results by business
|
|
|
|
|
|
|
|
Barclays UK
|
Barclays UK Corporate Bank
|
Barclays Private Bank and Wealth Management
|
Barclays Investment Bank
|
Barclays US Consumer Bank
|
Head Office
|
Barclays Group
|
Half year ended 30.06.24
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
Net interest income
|
3,146
|
573
|
362
|
465
|
1,334
|
248
|
6,128
|
Non-interest income/(expense)
|
567
|
304
|
270
|
5,882
|
344
|
(218)
|
7,149
|
Total income
|
3,713
|
877
|
632
|
6,347
|
1,678
|
30
|
13,277
|
Operating costs
|
(2,048)
|
(456)
|
(434)
|
(3,858)
|
(796)
|
(406)
|
(7,997)
|
UK regulatory levies1
|
(54)
|
(30)
|
(3)
|
(33)
|
—
|
—
|
(120)
|
Litigation and conduct
|
(6)
|
—
|
1
|
(11)
|
(4)
|
(43)
|
(64)
|
Total operating expenses
|
(2,108)
|
(486)
|
(436)
|
(3,902)
|
(800)
|
(449)
|
(8,181)
|
Other net income2
|
—
|
—
|
—
|
—
|
—
|
16
|
16
|
Profit/(loss) before impairment
|
1,605
|
391
|
196
|
2,445
|
878
|
(403)
|
5,112
|
Credit impairment (charges)/ releases
|
(66)
|
(23)
|
3
|
(34)
|
(719)
|
(58)
|
(897)
|
Profit/(loss) before tax
|
1,539
|
368
|
199
|
2,411
|
159
|
(461)
|
4,215
|
|
|
|
|
|
|
|
|
As at 30.06.24
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
Total assets
|
293.0
|
64.0
|
35.8
|
1,113.8
|
32.1
|
37.9
|
1,576.6
|
Total liabilities
|
262.5
|
86.4
|
65.2
|
997.1
|
21.5
|
72.1
|
1,504.8
|
|
Barclays UK
|
Barclays UK Corporate Bank
|
Barclays Private Bank and Wealth Management
|
Barclays Investment Bank
|
Barclays US Consumer Bank
|
Head Office
|
Barclays Group
|
Half year ended 30.06.23
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
Net interest income
|
3,278
|
609
|
367
|
714
|
1,256
|
99
|
6,323
|
Non-interest income
|
644
|
326
|
191
|
5,598
|
337
|
103
|
7,199
|
Total income
|
3,922
|
935
|
558
|
6,312
|
1,593
|
202
|
13,522
|
Operating costs
|
(2,182)
|
(423)
|
(326)
|
(3,845)
|
(828)
|
(425)
|
(8,030)
|
UK regulatory levies1
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
Litigation and conduct
|
3
|
—
|
—
|
1
|
(4)
|
(33)
|
(32)
|
Total operating expenses
|
(2,179)
|
(423)
|
(326)
|
(3,844)
|
(832)
|
(458)
|
(8,062)
|
Other net income/(expenses)2
|
—
|
2
|
—
|
(1)
|
—
|
(3)
|
(2)
|
Profit/(loss) before impairment
|
1,743
|
514
|
232
|
2,467
|
761
|
(259)
|
5,458
|
Credit impairment (charges)/releases
|
(208)
|
60
|
(10)
|
(102)
|
(585)
|
(51)
|
(896)
|
Profit/(loss) before tax
|
1,535
|
574
|
222
|
2,365
|
176
|
(310)
|
4,562
|
|
|
|
|
|
|
|
|
As at 31.12.23
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
Total assets
|
293.1
|
61.5
|
32.0
|
1,019.1
|
33.6
|
38.2
|
1,477.5
|
Total liabilities
|
264.2
|
85.9
|
60.9
|
904.5
|
21.1
|
69.0
|
1,405.6
|
Prior period segmental comparators shown in this document were
re-presented in the 2023 Results Resegmentation Document, which may
be accessed via the Barclays website at: home.barclays/investor-relations
1
|
Comprises the impact of the BoE levy scheme and the UK bank
levy.
|
2
|
Other net income/(expenses) represents the share of post-tax
results of associates and joint ventures, profit (or loss) on
disposal of subsidiaries, associates and joint ventures and gains
on acquisitions.
|
Split of income by geographic
region1
|
|
|
|
Half year ended 30.06.24
|
Half year ended 30.06.23
|
|
£m
|
£m
|
United Kingdom
|
6,829
|
7,312
|
Europe
|
1,180
|
1,265
|
Americas
|
4,574
|
4,187
|
Africa and Middle East
|
39
|
42
|
Asia
|
655
|
716
|
Total
|
13,277
|
13,522
|
1
|
The geographical analysis is based on the location of the office
where the transactions are recorded.
|
3.
Net fee and commission income
Fee and commission income is disaggregated below and includes a
total for fees in scope of IFRS 15, Revenue from Contracts with
Customers:
|
Barclays UK
|
Barclays UK Corporate Bank
|
Barclays Private Bank and Wealth Management
|
Barclays Investment Bank
|
Barclays US consumer Bank
|
Head Office
|
Barclays Group
|
Half year ended 30.06.24
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
Fee type
|
|
|
|
|
|
|
|
Transactional
|
551
|
232
|
16
|
171
|
1,320
|
171
|
2,461
|
Advisory
|
—
|
—
|
156
|
325
|
—
|
—
|
481
|
Brokerage and execution
|
107
|
—
|
62
|
776
|
—
|
—
|
945
|
Underwriting and syndication
|
17
|
46
|
—
|
1,391
|
—
|
—
|
1,454
|
Other
|
13
|
—
|
—
|
—
|
—
|
6
|
19
|
Total revenue from contracts with customers
|
688
|
278
|
234
|
2,663
|
1,320
|
177
|
5,360
|
Other non-contract fee income
|
—
|
11
|
—
|
58
|
—
|
—
|
69
|
Fee and commission income
|
688
|
289
|
234
|
2,721
|
1,320
|
177
|
5,429
|
Fee and commission expense
|
(177)
|
(43)
|
(19)
|
(516)
|
(893)
|
(43)
|
(1,691)
|
Net fee and commission income
|
511
|
246
|
215
|
2,205
|
427
|
134
|
3,738
|
|
Barclays UK
|
Barclays UK Corporate Bank
|
Barclays Private Bank and Wealth Management
|
Barclays Investment Bank
|
Barclays US consumer Bank
|
Head Office
|
Barclays Group
|
Half year ended 30.06.23
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
Fee type
|
|
|
|
|
|
|
|
Transactional
|
560
|
212
|
13
|
160
|
1,290
|
152
|
2,387
|
Advisory
|
57
|
—
|
94
|
363
|
—
|
—
|
514
|
Brokerage and execution
|
122
|
—
|
44
|
998
|
—
|
—
|
1,164
|
Underwriting and syndication
|
—
|
39
|
—
|
997
|
—
|
—
|
1,036
|
Other
|
27
|
1
|
1
|
11
|
5
|
37
|
82
|
Total revenue from contracts with customers
|
766
|
252
|
152
|
2,529
|
1,295
|
189
|
5,183
|
Other non-contract fee income
|
—
|
15
|
3
|
56
|
—
|
—
|
74
|
Fee and commission income
|
766
|
267
|
155
|
2,585
|
1,295
|
189
|
5,257
|
Fee and commission expense
|
(188)
|
(47)
|
(14)
|
(740)
|
(870)
|
(39)
|
(1,898)
|
Net fee and commission income
|
578
|
220
|
141
|
1,845
|
425
|
150
|
3,359
|
Transactional fees are service charges on deposit accounts, cash
management services and transactional processing fees. These
include interchange and merchant fee income generated from credit
and bank card usage.
Advisory fees are generated from wealth management services and
investment banking advisory services related to mergers,
acquisitions and financial restructurings.
Brokerage and execution fees are earned for executing client
transactions with various exchanges and over-the-counter markets
and assisting clients in clearing transactions and facilitating
foreign exchange transactions for spot/forward
contracts.
Underwriting and syndication fees are earned for the distribution
of client equity or debt securities and the arrangement and
administration of a loan syndication. These include commitment fees
to provide loan financing.
|
Half year ended 30.06.24
|
Half year ended 30.06.23
|
Compensation costs
|
£m
|
£m
|
Upfront bonus charge
|
675
|
665
|
Deferred bonus charge
|
269
|
263
|
Other incentives
|
35
|
42
|
Performance costs
|
979
|
970
|
Salaries
|
2,491
|
2,540
|
Social security costs
|
395
|
399
|
Post-retirement benefits
|
296
|
268
|
Other compensation costs
|
282
|
281
|
Total compensation costs
|
4,443
|
4,458
|
|
|
|
Other resourcing costs
|
|
|
Outsourcing
|
299
|
340
|
Redundancy and restructuring
|
138
|
63
|
Temporary staff costs
|
31
|
53
|
Other
|
53
|
71
|
Total other resourcing costs
|
521
|
527
|
|
|
|
Total staff costs
|
4,964
|
4,985
|
|
|
|
Barclays Group compensation costs as a % of total
income
|
33.5%
|
33.0%
|
5.
Infrastructure, administration and general expenses
|
Half year ended 30.06.24
|
Half year ended 30.06.23
|
Infrastructure costs
|
£m
|
£m
|
Property and equipment
|
857
|
857
|
Depreciation and amortisation
|
843
|
902
|
Impairment of property, equipment and intangible
assets
|
4
|
18
|
Total infrastructure costs
|
1,704
|
1,777
|
|
|
|
Administration and general expenses
|
|
|
Consultancy, legal and professional fees
|
388
|
336
|
Marketing and advertising
|
308
|
288
|
Other administration and general expenses
|
633
|
644
|
Total administration and general expenses
|
1,329
|
1,268
|
|
|
|
Total infrastructure, administration and general
expenses
|
3,033
|
3,045
|
|
Half year ended 30.06.24
|
Half year ended 30.06.23
|
|
£m
|
£m
|
Profit attributable to ordinary equity holders of the
parent
|
2,787
|
3,111
|
|
|
|
|
m
|
m
|
Basic weighted average number of shares in issue
|
14,972
|
15,645
|
Number of potential ordinary shares
|
445
|
470
|
Diluted weighted average number of shares
|
15,417
|
16,115
|
|
|
|
|
p
|
p
|
Basic earnings per ordinary share
|
18.6
|
19.9
|
Diluted earnings per ordinary share
|
18.1
|
19.3
|
7.
Dividends on ordinary shares
|
Half year ended 30.06.24
|
Half year ended 30.06.23
|
|
Per share
|
Total
|
Per share
|
Total
|
Dividends paid during the period
|
p
|
£m
|
p
|
£m
|
Full year dividend paid during period
|
5.30
|
796
|
5.00
|
793
|
It is Barclays' policy to declare and pay dividends on a
semi-annual basis. The 2023 full year dividend of 5.3p per ordinary
share was paid on 3 April 2024 to the shareholders on the Share
Register on 1 March 2024. A half year dividend for 2024 of
2.9p
(H123: 2.7p) per ordinary share will be paid on 20 September
2024.
For qualifying American Depositary Receipt (ADR) holders, the half
year dividend of 2.9p per ordinary share becomes 11.6p per American
Depositary Share (ADS) (representing four shares). The depositary
bank will post the half year dividend on 20 September 2024 to ADR
holders on the record at close of business on 16 August
2024.
The Directors have confirmed their intention to initiate a share
buyback of up to £750m after the balance sheet date. The share
buyback is expected to commence in the third quarter of 2024. The
financial statements for the six months ended 30 June 2024 do not
reflect the impact of the proposed share buyback, which will be
accounted for as and when shares are repurchased by the
Company.
8.
Derivative financial instruments
|
Contract notional amount
|
|
Fair value
|
|
|
Assets
|
Liabilities
|
As at 30.06.24
|
£m
|
|
£m
|
£m
|
Foreign exchange derivatives
|
7,727,915
|
|
78,912
|
(72,582)
|
Interest rate derivatives
|
73,107,979
|
|
102,047
|
(89,954)
|
Credit derivatives
|
1,533,970
|
|
6,449
|
(7,169)
|
Equity and stock index and commodity derivatives
|
3,091,961
|
|
63,339
|
(71,790)
|
Derivative assets/(liabilities) held for trading
|
85,461,825
|
|
250,747
|
(241,495)
|
|
|
|
|
|
Derivatives in hedge accounting relationships
|
|
|
|
|
Derivatives designated as cash flow hedges
|
145,884
|
|
2,738
|
(75)
|
Derivatives designated as fair value hedges
|
156,031
|
|
122
|
(549)
|
Derivatives designated as hedges of net investments
|
4,152
|
|
7
|
(17)
|
Derivative assets/(liabilities) designated in hedge accounting
relationships
|
306,067
|
|
2,867
|
(641)
|
|
|
|
|
|
Total recognised derivative assets/(liabilities)
|
85,767,892
|
|
253,614
|
(242,136)
|
|
|
|
|
|
As at 31.12.23
|
|
|
|
|
Foreign exchange derivatives
|
6,740,828
|
|
87,518
|
(83,225)
|
Interest rate derivatives
|
54,134,591
|
|
109,431
|
(97,427)
|
Credit derivatives
|
1,448,350
|
|
7,662
|
(8,630)
|
Equity and stock index and commodity derivatives
|
2,669,722
|
|
50,032
|
(60,176)
|
Derivative assets/(liabilities) held for trading
|
64,993,491
|
|
254,643
|
(249,458)
|
|
|
|
|
|
Derivatives in hedge accounting relationships
|
|
|
|
|
Derivatives designated as cash flow hedges
|
157,817
|
|
1,904
|
(8)
|
Derivatives designated as fair value hedges
|
138,015
|
|
178
|
(533)
|
Derivatives designated as hedges of net investments
|
3,744
|
|
111
|
(45)
|
Derivative assets/(liabilities) designated in hedge accounting
relationships
|
299,576
|
|
2,193
|
(586)
|
|
|
|
|
|
Total recognised derivative assets/(liabilities)
|
65,293,067
|
|
256,836
|
(250,044)
|
The IFRS netting posted against derivative assets was £51bn
including £9bn of cash collateral netted (December 2023:
£56bn including £8bn cash collateral netted) and
£51bn for liabilities including £10bn of cash collateral
netted (December 2023: £54bn including £9bn of cash
collateral netted). Derivative asset exposures would be £227bn
(December 2023: £230bn) lower than reported under IFRS if
netting were permitted for assets and liabilities with the same
counterparty or for which the Group holds cash collateral of
£32bn (December 2023: £31bn). Similarly, derivative
liabilities would be £218bn (December 2023: £223bn) lower
reflecting counterparty netting and cash collateral placed of
£23bn (December 2023: £24bn). In addition, non-cash
collateral of £11bn (December 2023: £10bn) was held in
respect of derivative assets £4bn (December 2023: £4bn)
was placed in respect of derivative liabilities. Collateral amounts
are limited to net on balance sheet exposure so as to not include
over-collateralisation.
9.
Fair value of financial instruments
This section should be read in conjunction with Note 17, Fair value
of financial instruments of the Barclays PLC Annual Report 2023
which provides more detail about accounting policies adopted,
valuation methodologies used in calculating fair value and the
valuation control framework which governs oversight of valuations.
There have been no changes in the accounting policies adopted or
the valuation methodologies used.
Valuation
The following table shows the Group’s assets and liabilities
that are held at fair value disaggregated by valuation technique
(fair value hierarchy) and balance sheet
classification:
|
Valuation technique using
|
|
|
Quoted market prices
|
Observable inputs
|
Significant unobservable inputs
|
|
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
Total
|
As at 30.06.24
|
£m
|
£m
|
£m
|
£m
|
Trading portfolio assets
|
98,992
|
89,588
|
8,726
|
197,306
|
Financial assets at fair value through the income
statement
|
7,502
|
198,187
|
9,517
|
215,206
|
Derivative financial instruments
|
86
|
250,695
|
2,833
|
253,614
|
Financial assets at fair value through other comprehensive
income
|
32,151
|
48,142
|
2,454
|
82,747
|
Investment property
|
—
|
—
|
1
|
1
|
Total assets
|
138,731
|
586,612
|
23,531
|
748,874
|
|
|
|
|
|
Trading portfolio liabilities
|
(33,309)
|
(25,621)
|
(385)
|
(59,315)
|
Financial liabilities designated at fair value
|
(182)
|
(318,283)
|
(2,492)
|
(320,957)
|
Derivative financial instruments
|
(66)
|
(237,735)
|
(4,335)
|
(242,136)
|
Total liabilities
|
(33,557)
|
(581,639)
|
(7,212)
|
(622,408)
|
|
|
|
|
|
As at 31.12.23
|
|
|
|
|
Trading portfolio assets
|
94,658
|
73,438
|
6,509
|
174,605
|
Financial assets at fair value through the income
statement
|
5,831
|
192,571
|
8,249
|
206,651
|
Derivative financial instruments
|
107
|
253,189
|
3,540
|
256,836
|
Financial assets at fair value through other comprehensive
income
|
30,247
|
40,511
|
1,078
|
71,836
|
Investment property
|
—
|
—
|
2
|
2
|
Total assets
|
130,843
|
559,709
|
19,378
|
709,930
|
|
|
|
|
|
Trading portfolio liabilities
|
(29,274)
|
(29,027)
|
(368)
|
(58,669)
|
Financial liabilities designated at fair value
|
(117)
|
(296,200)
|
(1,222)
|
(297,539)
|
Derivative financial instruments
|
(81)
|
(245,310)
|
(4,653)
|
(250,044)
|
Total liabilities
|
(29,472)
|
(570,537)
|
(6,243)
|
(606,252)
|
The following table shows the Group’s Level 3 assets and
liabilities that are held at fair value disaggregated by product
type:
|
As at 30.06.24
|
As at 31.12.23
|
|
Assets
|
Liabilities
|
Assets
|
Liabilities
|
|
£m
|
£m
|
£m
|
£m
|
Interest rate derivatives
|
1,623
|
(1,538)
|
2,211
|
(1,701)
|
Foreign exchange derivatives
|
175
|
(118)
|
111
|
(91)
|
Credit derivatives
|
216
|
(798)
|
241
|
(820)
|
Equity derivatives
|
819
|
(1,881)
|
977
|
(2,041)
|
Issued debt
|
—
|
(1,539)
|
—
|
(637)
|
Corporate debt
|
2,261
|
(353)
|
1,867
|
(352)
|
Reverse repurchase and repurchase agreements
|
620
|
(934)
|
209
|
(517)
|
Loans
|
12,932
|
—
|
10,614
|
—
|
Asset backed securities
|
2,145
|
(2)
|
603
|
—
|
Private equity investments
|
1,128
|
(18)
|
1,375
|
(10)
|
Other1
|
1,612
|
(31)
|
1,170
|
(74)
|
Total
|
23,531
|
(7,212)
|
19,378
|
(6,243)
|
1
|
Other includes funds and fund-linked products, Government and
Government sponsored debt, equity cash products and investment
property.
|
Assets and liabilities reclassified between Level 1 and Level
2
During the six-month period ended 30 June 2024, there were no
material transfers between Level 1 and Level 2 (year ended 31
December 2023: no material transfers between Level 1 and Level
2).
Level 3 movement analysis
The following table summarises the movements in the balances of
Level 3 assets and liabilities during the period. The table shows
gains and losses and includes amounts for all financial assets and
liabilities that are held at fair value transferred to and from
Level 3 during the period. Transfers have been reflected as if they
had taken place at the beginning of the period.
Asset and liability movements between Level 2 and Level 3 are
primarily due to i) an increase or decrease in observable market
activity related to an input or ii) a change in the significance of
the unobservable input, with assets and liabilities classified as
Level 3 if an unobservable input is deemed
significant.
Level 3 movement analysis
|
|
|
|
|
|
|
Total gains and (losses) in the period recognised in the income
statement
|
Total gains or (losses) recognised in OCI
|
Transfers
|
|
|
As at 01.01.24
|
Purchases
|
Sales
|
Issues
|
Settle-ments
|
Trading income
|
Other income
|
In
|
Out
|
As at 30.06.24
|
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
Corporate debt
|
681
|
831
|
(225)
|
—
|
(49)
|
(56)
|
—
|
—
|
144
|
(21)
|
1,305
|
Loans
|
4,469
|
1,478
|
(247)
|
—
|
(661)
|
42
|
—
|
—
|
139
|
(10)
|
5,210
|
Asset backed securities
|
318
|
39
|
(196)
|
—
|
—
|
23
|
—
|
—
|
611
|
(65)
|
730
|
Other
|
1,041
|
765
|
(339)
|
—
|
(4)
|
(16)
|
—
|
—
|
152
|
(118)
|
1,481
|
Trading portfolio assets
|
6,509
|
3,113
|
(1,007)
|
—
|
(714)
|
(7)
|
—
|
—
|
1,046
|
(214)
|
8,726
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate debt
|
888
|
—
|
(2)
|
—
|
—
|
13
|
7
|
—
|
—
|
—
|
906
|
Loans
|
5,612
|
1,760
|
(999)
|
—
|
(344)
|
(36)
|
18
|
—
|
139
|
(70)
|
6,080
|
Private equity investments
|
1,371
|
112
|
(482)
|
—
|
(17)
|
3
|
140
|
—
|
—
|
(3)
|
1,124
|
Reverse repurchase and repurchase agreements
|
209
|
297
|
—
|
—
|
—
|
—
|
—
|
—
|
141
|
(27)
|
620
|
Asset backed securities
|
85
|
590
|
(1)
|
—
|
(12)
|
1
|
—
|
—
|
9
|
(14)
|
658
|
Other
|
84
|
45
|
—
|
—
|
(7)
|
—
|
9
|
—
|
2
|
(4)
|
129
|
Financial assets at fair value through the income
statement
|
8,249
|
2,804
|
(1,484)
|
—
|
(380)
|
(19)
|
174
|
—
|
291
|
(118)
|
9,517
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate debt
|
298
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
(248)
|
50
|
Loans
|
533
|
1,097
|
—
|
—
|
—
|
1
|
11
|
—
|
—
|
—
|
1,642
|
Private equity investments
|
4
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
4
|
Asset backed securities
|
200
|
757
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
(200)
|
757
|
Other
|
43
|
—
|
(42)
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
1
|
Assets at fair value through other comprehensive
income
|
1,078
|
1,854
|
(42)
|
—
|
—
|
1
|
11
|
—
|
—
|
(448)
|
2,454
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment property
|
2
|
—
|
(1)
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
Trading portfolio liabilities
|
(368)
|
(24)
|
17
|
—
|
—
|
18
|
—
|
—
|
(34)
|
6
|
(385)
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial liabilities designated at fair value
|
(1,222)
|
(6)
|
28
|
(627)
|
16
|
(27)
|
(21)
|
—
|
(881)
|
248
|
(2,492)
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate derivatives
|
510
|
10
|
—
|
—
|
(135)
|
(158)
|
—
|
—
|
31
|
(173)
|
85
|
Foreign exchange derivatives
|
20
|
(1)
|
(1)
|
—
|
19
|
6
|
—
|
—
|
21
|
(7)
|
57
|
Credit derivatives
|
(579)
|
5
|
33
|
—
|
—
|
(22)
|
—
|
—
|
(22)
|
3
|
(582)
|
Equity derivatives
|
(1,064)
|
(196)
|
—
|
(19)
|
(53)
|
(7)
|
—
|
—
|
(9)
|
286
|
(1,062)
|
Net derivative financial
instruments1
|
(1,113)
|
(182)
|
32
|
(19)
|
(169)
|
(181)
|
—
|
—
|
21
|
109
|
(1,502)
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
13,135
|
7,559
|
(2,457)
|
(646)
|
(1,247)
|
(215)
|
164
|
—
|
443
|
(417)
|
16,319
|
1
|
Derivative financial instruments are presented on a net basis. On a
gross basis, derivative financial assets were £2,833m and
derivative financial liabilities were £(4,335)m.
|
Level 3 movement analysis
|
|
As at 01.01.23
|
Purchases
|
Sales
|
Issues
|
Settle-
ments
|
Total gains and (losses) in the period recognised in the income
statement
|
Total gains or (losses) recognised in OCI
|
Transfers
|
As at 30.06.23
|
|
Trading income
|
Other income
|
In
|
Out
|
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
Corporate debt
|
597
|
336
|
(118)
|
—
|
(53)
|
5
|
—
|
—
|
36
|
(29)
|
774
|
Loans
|
4,837
|
919
|
(1,152)
|
—
|
(311)
|
4
|
—
|
—
|
556
|
(334)
|
4,519
|
Asset backed securities
|
175
|
324
|
(278)
|
|
|
(11)
|
|
|
288
|
(60)
|
438
|
Other
|
871
|
706
|
(328)
|
—
|
(38)
|
(32)
|
—
|
—
|
142
|
(253)
|
1,068
|
Trading portfolio assets
|
6,480
|
2,285
|
(1,876)
|
—
|
(402)
|
(34)
|
—
|
—
|
1,022
|
(676)
|
6,799
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate debt
|
1,079
|
—
|
(120)
|
—
|
—
|
(20)
|
(3)
|
—
|
—
|
—
|
936
|
Loans
|
6,396
|
1,837
|
(823)
|
—
|
(771)
|
(57)
|
(42)
|
—
|
50
|
(114)
|
6,476
|
Private equity investments
|
1,284
|
50
|
(22)
|
—
|
(3)
|
(50)
|
14
|
—
|
2
|
—
|
1,275
|
Reverse repurchase and repurchase agreements
|
38
|
—
|
—
|
—
|
—
|
(11)
|
—
|
—
|
46
|
(29)
|
44
|
Asset backed securities
|
192
|
10
|
(4)
|
—
|
—
|
(13)
|
—
|
—
|
21
|
(16)
|
190
|
Other
|
136
|
—
|
(8)
|
—
|
(21)
|
(2)
|
(9)
|
—
|
1
|
—
|
97
|
Financial assets at fair value through the income
statement
|
9,125
|
1,897
|
(977)
|
—
|
(795)
|
(153)
|
(40)
|
—
|
120
|
(159)
|
9,018
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate debt
|
—
|
13
|
—
|
—
|
—
|
—
|
—
|
—
|
46
|
—
|
59
|
Loans
|
—
|
47
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
47
|
Private equity investments
|
7
|
—
|
—
|
—
|
—
|
—
|
—
|
(2)
|
—
|
—
|
5
|
Asset backed securities
|
3
|
—
|
—
|
—
|
(1)
|
—
|
—
|
—
|
—
|
—
|
2
|
Other
|
1
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
1
|
Assets at fair value through other comprehensive
income
|
11
|
60
|
—
|
—
|
(1)
|
—
|
—
|
(2)
|
46
|
—
|
114
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment property
|
5
|
—
|
—
|
—
|
—
|
—
|
(3)
|
—
|
—
|
—
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
Trading portfolio liabilities
|
(56)
|
(16)
|
4
|
—
|
—
|
15
|
—
|
—
|
(8)
|
9
|
(52)
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial liabilities designated at fair value
|
(1,050)
|
—
|
—
|
(226)
|
—
|
4
|
(1)
|
—
|
(290)
|
463
|
(1,100)
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate derivatives
|
(496)
|
2
|
—
|
—
|
19
|
(35)
|
—
|
—
|
544
|
446
|
480
|
Foreign exchange derivatives
|
39
|
—
|
—
|
—
|
—
|
(31)
|
—
|
—
|
12
|
(15)
|
5
|
Credit derivatives
|
(313)
|
(191)
|
5
|
—
|
66
|
13
|
—
|
—
|
52
|
16
|
(352)
|
Equity derivatives
|
(419)
|
(90)
|
—
|
—
|
(132)
|
(135)
|
—
|
—
|
(104)
|
12
|
(868)
|
Net derivative financial
instruments1
|
(1,189)
|
(279)
|
5
|
—
|
(47)
|
(188)
|
—
|
—
|
504
|
459
|
(735)
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
13,326
|
3,947
|
(2,844)
|
(226)
|
(1,245)
|
(356)
|
(44)
|
(2)
|
1,394
|
96
|
14,046
|
1
|
Derivative financial instruments are presented on a net basis. On a
gross basis, derivative financial assets were £4,532m and
derivative financial liabilities were £(5,269)m.
|
Unrealised gains and losses on Level 3 financial assets and
liabilities
The following table discloses the unrealised gains and losses
recognised in the period arising on Level 3 financial assets and
liabilities held at the period end.
|
Half year ended 30.06.24
|
Half year ended 30.06.23
|
|
Income statement
|
Other compre hensive income
|
Total
|
Income statement
|
Other compre hensive income
|
Total
|
|
Trading income
|
Other income
|
Trading income
|
Other income
|
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
Trading portfolio assets
|
(2)
|
—
|
—
|
(2)
|
(35)
|
—
|
—
|
(35)
|
Financial assets at fair value through the income
statement
|
1
|
47
|
—
|
48
|
(144)
|
(40)
|
—
|
(184)
|
Financial assets at fair value through other comprehensive
income
|
1
|
11
|
—
|
12
|
—
|
—
|
(2)
|
(2)
|
Investment properties
|
—
|
—
|
—
|
—
|
—
|
(3)
|
—
|
(3)
|
Trading portfolio liabilities
|
17
|
—
|
—
|
17
|
15
|
—
|
—
|
15
|
Financial liabilities designated at fair value
|
(29)
|
(10)
|
—
|
(39)
|
2
|
(1)
|
—
|
1
|
Net derivative financial instruments
|
(180)
|
—
|
—
|
(180)
|
(186)
|
—
|
—
|
(186)
|
Total
|
(192)
|
48
|
—
|
(144)
|
(348)
|
(44)
|
(2)
|
(394)
|
Valuation techniques and sensitivity analysis
Sensitivity analysis is performed on products with significant
unobservable inputs (Level 3) to generate a range of reasonably
possible alternative valuations. The sensitivity methodologies
applied take account of the nature of valuation techniques used, as
well as the availability and reliability of observable proxy and
historical data and the impact of using alternative
models.
Sensitivities are dynamically calculated on a monthly basis. The
calculation is based on range or spread data of a reliable
reference source or a scenario based on relevant market analysis
alongside the impact of using alternative models. Sensitivities are
calculated without reflecting the impact of any diversification in
the portfolio.
Current period valuation and sensitivity methodologies are
consistent with those described within Note 17, Fair value of
financial instruments in the Barclays PLC Annual Report
2023.
Sensitivity analysis of valuations using unobservable inputs
(Relates to Level 3 Portfolios)
|
|
|
|
|
|
|
|
|
|
|
As at 30.06.24
|
As at 31.12.23
|
|
Favourable changes
|
Unfavourable changes
|
Favourable changes
|
Unfavourable changes
|
|
Income statement
|
Equity
|
Income statement
|
Equity
|
Income statement
|
Equity
|
Income statement
|
Equity
|
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
Interest rate derivatives
|
99
|
—
|
(170)
|
—
|
78
|
—
|
(158)
|
—
|
Foreign exchange derivatives
|
6
|
—
|
(10)
|
—
|
4
|
—
|
(9)
|
—
|
Credit derivatives
|
11
|
—
|
(15)
|
—
|
27
|
—
|
(32)
|
—
|
Equity derivatives
|
202
|
—
|
(289)
|
—
|
142
|
—
|
(226)
|
—
|
Corporate debt
|
55
|
—
|
(31)
|
—
|
34
|
—
|
(22)
|
—
|
Loans
|
687
|
32
|
(851)
|
(32)
|
612
|
2
|
(801)
|
(2)
|
Private equity investments
|
215
|
—
|
(215)
|
—
|
263
|
1
|
(263)
|
(1)
|
Asset Backed Securities
|
39
|
4
|
(29)
|
(4)
|
36
|
1
|
(27)
|
(1)
|
Other1
|
95
|
—
|
(108)
|
—
|
90
|
—
|
(91)
|
—
|
Total
|
1,409
|
36
|
(1,718)
|
(36)
|
1,286
|
4
|
(1,629)
|
(4)
|
1
|
Other includes, Equity Cash Products, Fund and Fund Linked,
Government and Government Sponsored Debt, Issued debt.
|
The effect of stressing unobservable inputs to a range of
reasonably possible alternatives, alongside considering the impact
of using alternative models, would be to increase fair values by up
to £1,445m (December 2023: £1,290m) or to decrease fair
values by up to £1,754m (December 2023: £1,633m) with
substantially all the potential effect impacting profit and loss
rather than reserves.
Significant unobservable inputs
The valuation techniques and significant unobservable inputs for
assets and liabilities recognised at fair value and classified as
Level 3 are consistent with Note 17, Fair value of financial
instruments in the Barclays PLC Annual Report 2023.
Fair value adjustments
Key balance sheet valuation adjustments are quantified
below:
|
As at 30.06.24
|
As at 31.12.23
|
|
£m
|
£m
|
Exit price adjustments derived from market bid-offer
spreads
|
(510)
|
(569)
|
Uncollateralised derivative funding
|
5
|
(4)
|
Derivative credit valuation adjustments
|
(190)
|
(209)
|
Derivative debit valuation adjustments
|
111
|
144
|
●
Exit
price adjustments derived from market bid-offer spreads decreased
by £59m to £(510)m.
●
Uncollateralised
derivative funding moved marginally from £(4)m to
£5m.
●
Derivative
credit valuation adjustments decreased by £19m to £(190)m
as a result of reduced uncollateralised asset exposure
profile.
●
Derivative
debit valuation adjustments decreased by £33m to £111m as
a result of the tightening of input credit spreads.
Portfolio exemption
The Group uses the portfolio exemption in IFRS 13, Fair Value
Measurement to measure the fair value of groups of financial assets
and liabilities. Financial instruments are measured using the price
that would be received to sell a net long position (i.e., an asset)
for a particular risk exposure or to transfer a net short position
(i.e., a liability) for a particular risk exposure in an orderly
transaction between market participants at the balance sheet date
under current market conditions. Accordingly, the Group measures
the fair value of the group of financial assets and liabilities
consistently with how market participants would price the net risk
exposure at the measurement date.
Unrecognised gains as a result of the use of valuation models using
unobservable inputs
The amount that has yet to be recognised in income that relates to
the difference between the transaction price (the fair value at
initial recognition) and the amount that would have arisen had
valuation models using unobservable inputs been used on initial
recognition, less amounts subsequently recognised, is £218m
(December 2023: £205m) for financial instruments measured at
fair value and £187m (December 2023: £192m) for financial
instruments carried at amortised cost. There are additions and FX
gains of £85m (December 2023: £136m FX loss) and
amortisation and releases of £72m (December 2023: £57m)
in amounts attributable to financial instruments measured at fair
value and additions of £nil (December 2023: £nil) and
amortisation and releases of £5m (December 2023: £24m) in
amounts attributable to financial instruments measured at amortised
cost.
Third party credit enhancements
Structured and brokered certificates of deposit issued by the Group
are insured up to $250,000 per depositor by the Federal Deposit
Insurance Corporation (FDIC) in the United States. The FDIC is
funded by premiums that Barclays and other banks pay for deposit
insurance coverage. The carrying value of these issued certificates
of deposit that are designated under the IFRS 9 fair value option
includes this third-party credit enhancement. The on-balance sheet
value of these brokered certificates of deposit amounted to
£3,829m (December 2023: £5,162m).
Comparison of carrying amounts and fair values for assets and
liabilities not held at fair value
Valuation methodologies employed in calculating the fair value of
financial assets and liabilities measured at amortised cost are
consistent with those described within Note 17, Fair value of
financial instruments in the Barclays PLC Annual Report
2023.
The following table summarises the fair value of financial assets
and liabilities measured at amortised cost on the Group’s
balance sheet.
|
As at 30.06.24
|
As at 31.12.23
|
|
Carrying amount
|
Fair value
|
Carrying amount
|
Fair value
|
Financial assets
|
£m
|
£m
|
£m
|
£m
|
Debt securities at amortised cost
|
61,700
|
60,738
|
56,749
|
55,437
|
Loans and advances at amortised cost
|
337,809
|
333,405
|
342,747
|
334,706
|
Reverse repurchase agreements and other similar secured
lending
|
4,724
|
4,724
|
2,594
|
2,594
|
|
|
|
|
|
Financial liabilities
|
|
|
|
|
Deposits at amortised cost
|
(557,452)
|
(557,528)
|
(538,789)
|
(538,502)
|
Repurchase agreements and other similar secured
borrowing
|
(52,352)
|
(52,352)
|
(41,601)
|
(41,601)
|
Debt securities in issue
|
(96,772)
|
(98,656)
|
(96,825)
|
(98,123)
|
Subordinated liabilities
|
(11,795)
|
(12,242)
|
(10,494)
|
(10,803)
|
10.
Goodwill and intangible assets
The Group performed an impairment review to assess the
recoverability of its goodwill and intangible asset balances as at
31 December 2023. The outcome of this review is disclosed on pages
464-467 of the Barclays PLC Annual Report 2023. No impairment was
recognised as a result of the review as value in use exceeded
carrying amount. A review of the Group's goodwill and intangible
assets as at 30 June 2024 did not identify any factors indicating
impairment.
11.
Subordinated liabilities
|
Half year ended 30.06.24
|
Year ended 31.12.23
|
|
£m
|
£m
|
Opening balance as at 1 January
|
10,494
|
11,423
|
Issuances
|
1,355
|
1,523
|
Redemptions
|
—
|
(2,239)
|
Other
|
(54)
|
(213)
|
Closing balance
|
11,795
|
10,494
|
Issuances of £1,355m comprise £1,276m EUR 4.973% Fixed
Rate Resetting Tier 2 Subordinated Callable Notes issued externally
by Barclays PLC and £79m USD Floating Rate Notes issued
externally by a Barclays subsidiary.
Other movements predominantly comprise foreign exchange movements
and fair value hedge adjustments.
|
As at 30.06.24
|
As at 31.12.23
|
|
£m
|
£m
|
Customer redress
|
204
|
295
|
Legal, competition and regulatory matters
|
95
|
99
|
Redundancy and restructuring
|
241
|
397
|
Undrawn contractually committed facilities and
guarantees
|
474
|
504
|
Sundry provisions
|
278
|
289
|
Total
|
1,292
|
1,584
|
As at 30 June 2024, the Group’s IAS 19 net retirement benefit
assets were £3.3bn (December 2023: £3.4bn). The UK
Retirement Fund (UKRF), which is the Group’s main scheme, had
an IAS 19 net surplus of £3.5bn (December
2023: £3.6bn).
The UKRF annual funding update as at 30 September 2023 showed a
surplus of £2.02bn compared to £1.97bn at the 30
September 2022 triennial actuarial valuation.
|
As at 30.06.24
|
As at 31.12.23
|
|
£m
|
£m
|
Currency translation reserve
|
3,587
|
3,671
|
Fair value through other comprehensive income reserve
|
(1,635)
|
(1,366)
|
Cash flow hedging reserve
|
(3,797)
|
(3,707)
|
Own credit reserve
|
(702)
|
(240)
|
Other reserves and treasury shares
|
1,665
|
1,565
|
Total
|
(882)
|
(77)
|
Currency translation reserve
The currency translation reserve represents the cumulative gains
and losses on the retranslation of the Group’s net investment
in foreign operations, net of the effects of hedging.
As at 30 June 2024, there was a cumulative gain of £3,587m
(December 2023: £3,671m gain) in the currency translation
reserve, a loss during the period of £84m (2023: loss of
£1,101m) inclusive of tax credit of £4m (2023: £9m).
This principally reflects the appreciation of GBP against EUR and
JPY offset by GBP depreciating against USD during H1 2024, in
contrast to the strengthening of GBP against USD and EUR during
2023.
Fair value through other comprehensive income reserve
The fair value through other comprehensive income reserve
represents the total of unrealised gains and losses on fair value
through other comprehensive income investments since initial
recognition.
As at 30 June 2024 there was a cumulative loss of £1,635m
(December 2023: £1,366m loss) in the reserve. The loss during
the period of £269m (2023: £194m gain) was principally
driven by a £185m loss (2023: £299m gain) from the
movement in fair value of bonds due to change in bond yields and a
net gain of £186m transferred to the income statement (2023:
£26m gain) and tax credit of £101m (2023: tax charge of
£78m).
Cash flow hedging reserve
The cash flow hedging reserve represents the cumulative gains and
losses on effective cash flow hedging instruments that will be
recycled to the income statement when the hedged transactions
affect profit or loss.
As at 30 June 2024, there was a cumulative loss of £3,797m
(December 2023: £3,707m loss) in the cash flow hedging
reserve. The £90m loss in the period (2023: £3,528m gain)
is driven by a £1,057m loss (2023: £3,120m gain) from
fair value movements on interest rate swaps as major interest rate
forward curves increased (2023: decreased), this was offset by
£939m of accumulated losses transferred to the income
statement (2023: £1,750m losses) and a tax benefit of
£28m (2023: tax charge of £1,342m).
Own credit reserve
The own credit reserve reflects the cumulative own credit gains and
losses on financial liabilities at fair value. Amounts in the own
credit reserve are not recycled to profit or loss in future
periods.
As at 30 June 2024 there was a cumulative loss of £702m
(December 2023: £240m loss) in the own credit reserve, the
loss of £462m during the period (2023: loss of £707m)
principally reflects a £635m loss (2023: loss of £983m)
from the tightening of credit spreads partially offset by tax
credit of £173m (2023: tax credit of £273m).
Other reserves and treasury shares
Other reserves relate to redeemed ordinary and preference shares
issued by the Group. Treasury shares relate to Barclays PLC shares
held principally in relation to the Group’s various share
schemes.
As at 30 June 2024, there was a cumulative gain of £1,665m
(December 2023: £1,565m gain). This principally reflects an
increase of £97m (December 2023: increase of £209m) due
to the repurchase of 389m shares (December 2023: 837m) as part of
the share buybacks conducted in 2024 followed by £3m gain
(December 2023: £8m loss) on account of decrease in treasury
shares balance held in relation to employee share
schemes.
15.
Contingent liabilities and commitments
|
As at 30.06.24
|
As at 31.12.23
|
Contingent liabilities and financial guarantees
|
£m
|
£m
|
Guarantees and letters of credit pledged as collateral
security
|
17,052
|
17,353
|
Performance guarantees, acceptances and endorsements
|
8,434
|
7,987
|
Total
|
25,486
|
25,340
|
|
|
|
Commitments
|
|
|
Documentary credits and other short-term trade related
transactions
|
2,489
|
2,352
|
Standby facilities, credit lines and other commitments
|
402,361
|
388,085
|
Total
|
404,850
|
390,437
|
Further details on contingent liabilities, where it is not
practicable to disclose an estimate of the potential financial
effect on Barclays relating to legal and competition and regulatory
matters can be found in Note 16.
16.
Legal, competition and regulatory matters
The Group faces legal, competition and regulatory challenges, many
of which are beyond our control. The extent of the impact of these
matters cannot always be predicted but may materially impact our
operations, financial results, condition and prospects. Matters
arising from a set of similar circumstances can give rise to either
a contingent liability or a provision, or both, depending on the
relevant facts and circumstances.
The recognition of provisions in relation to such matters involves
critical accounting estimates and judgments in accordance with the
relevant accounting policies applicable to Note 12, Provisions. We
have not disclosed an estimate of the potential financial impact or
effect on the Group of contingent liabilities where it is not
currently practicable to do so. Various matters detailed in this
note seek damages of an unspecified amount. While certain matters
specify the damages claimed, such claimed amounts do not
necessarily reflect the Group’s potential financial exposure
in respect of those matters.
Matters are ordered under headings corresponding to the financial
statements in which they are disclosed.
1.
Barclays PLC and Barclays Bank PLC
Investigations into certain advisory services agreements and other
proceedings
FCA proceedings
In 2008, Barclays Bank PLC and Qatar Holdings LLC entered into two
advisory service agreements (the Agreements). The FCA conducted an
investigation into whether the Agreements may have related to
Barclays PLC’s capital raisings in June and November 2008
(the Capital Raisings) and therefore should have been disclosed in
the announcements or public documents relating to the Capital
Raisings. In 2013, the FCA issued warning notices (the Warning
Notices) finding that Barclays PLC and Barclays Bank PLC acted
recklessly and in breach of certain disclosure-related listing
rules, and that Barclays PLC was also in breach of Listing
Principle 3. The financial penalty provided in the Warning Notices
was £50m. Barclays PLC and Barclays Bank PLC contested the
findings. In 2022, the FCA’s Regulatory Decisions Committee
(RDC) issued Decision Notices finding that Barclays PLC and
Barclays Bank PLC breached certain disclosure-related listing
rules. The RDC also found that in relation to the disclosures made
in the Capital Raising of November 2008, Barclays PLC and Barclays
Bank PLC acted recklessly, and that Barclays PLC breached Listing
Principle 3. The RDC upheld the combined penalty of £50m on
Barclays PLC and Barclays Bank PLC, the same penalty as in the
Warning Notices. Barclays PLC and Barclays Bank PLC have referred
the RDC’s findings to the Upper Tribunal for
reconsideration.
Other proceedings
In 2023, Barclays received requests for arbitration from two Jersey
special purpose vehicles connected to PCP International Finance
Limited asserting claims in relation to the October 2008 capital
raising. Barclays is defending these claims.
Civil actions related to LIBOR and other benchmarks
Various individuals and corporates in a range of jurisdictions have
threatened or brought civil actions against the Group and other
banks in relation to the alleged manipulation of LIBOR and/or other
benchmarks.
USD LIBOR civil actions
The majority of the USD LIBOR cases, which have been filed in
various US jurisdictions, have been consolidated for pre-trial
purposes in the US District Court in the Southern District of New
York (SDNY). The complaints are substantially similar and allege,
among other things, that Barclays PLC, Barclays Bank PLC, Barclays
Capital Inc. (BCI) and other financial institutions individually
and collectively violated provisions of the US Sherman Antitrust
Act (Antitrust Act), the US Commodity Exchange Act (CEA), the US
Racketeer Influenced and Corrupt Organizations Act (RICO), the US
Securities Exchange Act of 1934 and various state laws by
manipulating USD LIBOR rates.
The remaining claims are individual actions seeking unspecified
damages with the exception of one lawsuit, in which the plaintiffs
sought no less than $100m in actual damages and additional punitive
damages against all defendants, including Barclays Bank PLC. The
parties have reached a settlement in principle in respect of such
lawsuit. The financial impact of this settlement is not expected to
be material to the Group’s operating results, cash flows or
financial position. Some of the other lawsuits also seek trebling
of damages under the Antitrust Act and RICO.
Sterling LIBOR civil actions
In 2016, two putative class actions filed in the SDNY against
Barclays Bank PLC, BCI and other Sterling LIBOR panel banks
alleging, among other things, that the defendants manipulated the
Sterling LIBOR rate in violation of the Antitrust Act, CEA and
RICO, were consolidated. The defendants’ motion to dismiss
the claims was granted in 2018. The plaintiffs have appealed the
dismissal.
ICE LIBOR civil action
In 2020, an action related to the LIBOR benchmark administered by
the Intercontinental Exchange Inc. and certain of its affiliates
(ICE) was filed by a group of individual plaintiffs in the US
District Court for the Northern District of California on behalf of
individual borrowers and consumers of loans and credit cards with
variable interest rates linked to USD ICE LIBOR. The
defendants’ motion to dismiss the case was granted in 2022.
The plaintiffs filed an amended complaint, which was dismissed in
2023. The plaintiffs are appealing the dismissal.
Non-US benchmarks civil actions
There remains one claim, issued in 2017, against Barclays Bank PLC
and other banks in the UK in connection with alleged manipulation
of LIBOR. Proceedings have also been brought in a number of other
jurisdictions in Europe, Argentina and Israel relating to alleged
manipulation of LIBOR and EURIBOR. Additional proceedings in other
jurisdictions may be brought in the future.
Foreign Exchange civil actions
Various individuals and corporates in a range of jurisdictions have
threatened or brought civil actions against the Group and other
banks in relation to alleged manipulation of Foreign Exchange
markets.
US retail basis civil action
In 2015, a putative class action was filed against several
international banks, including Barclays PLC and BCI, on behalf of a
proposed class of individuals who exchanged currencies on a retail
basis at bank branches (Retail Basis Claims). The SDNY has ruled
that the Retail Basis Claims are not covered by the settlement
agreement in the Consolidated FX Action. The Court subsequently
dismissed all Retail Basis Claims against the Group and all other
defendants. The plaintiffs filed an amended complaint. The
defendants’ motion for summary judgment was granted in 2023,
dismissing the plaintiffs’ remaining claims. The plaintiffs
appealed the decision and the dismissal was upheld by the appellate
court in May 2024. The plaintiffs' motion for reconsideration was
denied.
Non-US FX civil actions
Legal proceedings have been brought or are threatened against
Barclays PLC, Barclays Bank PLC, BCI and Barclays Execution
Services Limited (BX) in connection with alleged manipulation of
Foreign Exchange in the UK, a number of other jurisdictions in
Europe, Israel, Brazil and Australia. Additional proceedings may be
brought in the future.
The above-mentioned proceedings include two purported class actions
filed against Barclays PLC, Barclays Bank PLC, BX, BCI and other
financial institutions in the UK Competition Appeal Tribunal (CAT)
in 2019. The CAT refused to certify these claims in 2022 and in
2023, the Court of Appeal overturned the CAT’s decision and
found that the claims should be certified on an opt out basis. The
Court of Appeal upheld the CAT’s determination as to which of
the two purported class representatives should be chosen to bring
the claim. Barclays and the other financial institutions involved
have obtained permission to appeal this decision to the UK Supreme
Court.
Metals-related civil actions
A US civil complaint alleging manipulation of the price of silver
in violation of the CEA, the Antitrust Act and state antitrust and
consumer protection laws was brought by a proposed class of
plaintiffs against a number of banks, including Barclays Bank PLC,
BCI and BX, and transferred to the SDNY. The complaint was
dismissed against these Barclays entities and certain other
defendants in 2018, and against the remaining defendants in 2023.
The plaintiffs have appealed the dismissal of the complaint against
all defendants.
Civil actions have also been filed in Canadian courts against
Barclays PLC, Barclays Bank PLC, Barclays Capital Canada Inc. and
BCI on behalf of proposed classes of plaintiffs alleging
manipulation of gold and silver prices.
US residential mortgage related civil action
There remains one US Residential Mortgage-Backed Securities (RMBS)
related civil action arising from unresolved repurchase requests
submitted by Trustees for certain RMBS, alleging breaches of
various loan-level representations and warranties (R&Ws) made
by Barclays Bank PLC and/or a subsidiary acquired in 2007.
Barclays’ motion to dismiss the action was denied in 2023.
The parties are appealing the decision.
Government and agency securities civil actions
Treasury auction securities civil actions
Consolidated putative class action complaints filed in US federal
court against Barclays Bank PLC, BCI and other financial
institutions under the Antitrust Act and state common law allege
that the defendants (i) conspired to manipulate the US Treasury
securities market and/or (ii) conspired to prevent the creation of
certain platforms by boycotting or threatening to boycott such
trading platforms. The court dismissed the consolidated action in
2021. The plaintiffs filed an amended complaint. The
defendants’ motion to dismiss the amended complaint was
granted in 2022. The plaintiffs appealed this decision, and in
February 2024 the appellate court affirmed the dismissal. The
plaintiffs did not seek US Supreme Court review, thereby concluding
the matter.
In addition, certain plaintiffs have filed a related, direct action
against BCI and certain other financial institutions, alleging that
defendants conspired to fix and manipulate the US Treasury
securities market in violation of the Antitrust Act, the CEA and
state common law. This action remains stayed.
Supranational, Sovereign and Agency bonds civil
actions
Civil antitrust actions have been filed in the Federal Court of
Canada in Toronto against Barclays Bank PLC, BCI, BX, Barclays
Capital Securities Limited and Barclays Capital Canada, Inc. and
other financial institutions alleging that the defendants conspired
to fix prices and restrain competition in the market for US
dollar-denominated Supranational, Sovereign and Agency
bonds.
The parties have reached a settlement, which has received
preliminary court approval and has been paid. The financial impact
of the settlement is not material to the Group’s operating
results, cash flows or financial position.
Variable Rate Demand Obligations civil actions
Civil actions have been filed against Barclays Bank PLC and BCI and
other financial institutions alleging the defendants conspired or
colluded to artificially inflate interest rates set for Variable
Rate Demand Obligations (VRDOs). VRDOs are municipal bonds with
interest rates that reset on a periodic basis, most commonly
weekly. An action in state court has been filed by private
plaintiffs on behalf of the state of California. Three putative
class action complaints have been consolidated in the SDNY. In the
consolidated SDNY class action, certain of the plaintiffs’
claims were dismissed in 2020 and 2022 and the plaintiffs’
motion for class certification was granted in 2023, which means the
case may proceed as a class action. The defendants are appealing
this decision. In the California action, the California appeals
court reversed the dismissal of the plaintiffs’ claims in
2023.
Odd-lot corporate bonds antitrust class action
In 2020, BCI, together with other financial institutions, were
named as defendants in a putative class action in the US. The
complaint alleges a conspiracy to boycott developing electronic
trading platforms for odd-lots and price fixing. The plaintiffs
demand unspecified money damages. The defendants’ motion to
dismiss was granted in 2021, which the plaintiffs appealed. In July
2024, the Second Circuit vacated the judgment and remanded the case
to the SDNY for further proceedings.
Credit Default Swap civil action
A putative antitrust class action is pending in New Mexico federal
court against Barclays Bank PLC, BCI and various other financial
institutions. The plaintiffs, the New Mexico State Investment
Council and certain New Mexico pension funds, allege that the
defendants conspired to manipulate the benchmark price used to
value Credit Default Swap (CDS) contracts at settlement (i.e., the
CDS final auction price). The plaintiffs allege violations of US
antitrust laws and the CEA, and unjust enrichment under state law.
The defendants’ motion to dismiss was denied in
2023.
Interest rate swap and credit default swap US civil
actions
Barclays PLC, Barclays Bank PLC and BCI, together with other
financial institutions that act as market makers for interest rate
swaps (IRS), are named as defendants in several antitrust actions,
including one putative class action and individual actions brought
by certain swap execution facilities, which are consolidated in the
SDNY. The complaints allege the defendants conspired to prevent the
development of exchanges for IRS and demand unspecified money
damages. The parties have reached a settlement of the matter, which
remains subject to final court approval. The financial impact of
the settlement is not expected to be material to the Group’s
operating results, cash flows or financial position.
In 2017, Tera Group Inc. (Tera) filed a separate civil antitrust
action in the SDNY claiming that certain conduct alleged in the IRS
cases also caused Tera to suffer harm with respect to the Credit
Default Swaps market. In 2019, the court dismissed Tera’s
claims for unjust enrichment and tortious interference but denied
motions to dismiss the antitrust claims. Tera filed an amended
complaint in 2020. Barclays’ motion to dismiss all claims was
granted in 2023. Tera is appealing the decision.
BDC Finance L.L.C.
In 2008, BDC Finance L.L.C. (BDC) filed a complaint in the Supreme
Court of the State of New York (NY Supreme Court), demanding
damages of $298m, alleging that Barclays Bank PLC had breached a
contract in connection with a portfolio of total return swaps
governed by an ISDA Master Agreement (the Master Agreement).
Following a trial, the court ruled in 2018 that Barclays Bank PLC
was not a defaulting party, which was affirmed on appeal. In 2021,
the trial court entered judgment in favour of Barclays Bank PLC for
$3.3m and as yet to be determined legal fees and costs. BDC
appealed. In 2022, the appellate court reversed the trial
court’s summary judgment decision in favour of Barclays Bank
PLC and remanded the case to the lower court for further
proceedings. The parties filed cross-motions on the scope of trial.
In January 2024, the court ruled in Barclays’ favour. BDC is
appealing, and the trial is adjourned until the appeal is
decided.
Civil actions in respect of the US Anti-Terrorism Act
Eight civil actions, on behalf of more than 4,000 plaintiffs, were
filed in US federal courts in the US District Court in the Eastern
District of New York (EDNY) and SDNY against Barclays Bank PLC and
a number of other banks. The complaints generally allege that
Barclays Bank PLC and those banks engaged in a conspiracy to
facilitate US dollar-denominated transactions for the Iranian
Government and various Iranian banks, which in turn funded acts of
terrorism that injured or killed the plaintiffs or the
plaintiffs’ family members. The plaintiffs seek to recover
damages for pain, suffering and mental anguish under the provisions
of the US Anti-Terrorism Act, which allow for the trebling of any
proven damages.
The court granted the defendants’ motions to dismiss three
out of the six actions in the EDNY. The plaintiffs appealed in one
action and the dismissal was affirmed, and judgment was entered, in
2023. The plaintiffs’ motion to vacate the judgment is fully
briefed. The other two dismissed actions in the EDNY were
consolidated into one action. The plaintiffs in that action, and in
one other action in the EDNY, filed amended complaints in 2023. The
two other actions in the EDNY are currently stayed. Out of the two
actions in the SDNY, the court granted the defendants’ motion
to dismiss the first action. That action is stayed, and the second
SDNY action is stayed pending any appeal on the dismissal of the
first.
Shareholder derivative action
In 2020, a purported Barclays shareholder filed a putative
derivative action in New York state court against BCI and a number
of current and former members of the Board of Directors of Barclays
PLC and senior executives or employees of the Group. The
shareholder filed the claim on behalf of nominal defendant Barclays
PLC, alleging that the individual defendants harmed the company
through breaches of their duties, including under the Companies Act
2006. The plaintiff seeks damages on behalf of Barclays PLC for the
losses that Barclays PLC allegedly suffered as a result of these
alleged breaches. An amended complaint was filed in 2021, which BCI
and certain other defendants moved to dismiss. The motion to
dismiss was granted in 2022. The plaintiff appealed the decision,
and the dismissal was unanimously affirmed in 2023 by the First
Judicial Department in New York. The plaintiff is appealing the
First Judicial Department’s decision to the New York Court of
Appeals.
Derivative transactions civil action
In 2021, Vestia, a Dutch housing association, brought a claim
against Barclays Bank PLC in the UK in the High Court in relation
to a series of derivative transactions entered into with Barclays
Bank PLC between 2008 and 2011, seeking damages of £329m. In
May 2024, Barclays Bank PLC reached a settlement whereby Barclays
paid €43.5m with no acknowledgement of liability. This matter
is now closed.
Skilled person review in relation to historic timeshare loans and
associated matters
Clydesdale Financial Serviced Limited (CFS), which trades as
Barclays Partner Finance and houses Barclays’ point-of-sale
finance business, was required by the FCA to undertake a skilled
person review in 2020 following concerns about historic
affordability assessments for certain loans to customers in
connection with timeshare purchases. The skilled person review was
concluded in 2021. CFS complied fully with the skilled person
review requirements, including carrying out certain remediation
measures. CFS was not required to conduct a full back book review.
Instead, CFS reviewed limited historic lending to ascertain whether
its practices caused customer harm and is remediating any examples
of harm. This work was substantially completed during 2023,
utilising provisions booked to account for any
remediations.
Motor finance commission arrangements
In January 2024, the FCA announced that it was appointing a skilled
person to undertake a review of the historical use of discretionary
commission arrangements and sales in the motor finance market
across several firms. This follows two final decisions by the UK
Financial Ombudsman Service (FOS), including one upholding a
complaint against CFS (a subsidiary of Barclays PLC) in relation to
commission arrangements and disclosure in the sale of motor finance
products and a number of complaints and court claims, including
some against CFS. We have commenced a judicial review challenge
against the FOS in the High Court in relation to this decision.
Barclays will co-operate fully with the FCA’s skilled person
review, the outcome of which is unknown, including any potential
financial impact. The FCA currently plans to set out next steps on
this matter in May 2025. Barclays ceased operating in the motor
finance market in late 2019 whilst CFS was a subsidiary of Barclays
Bank group.
Over-issuance of securities in the US
In 2022, executive management became aware that Barclays Bank PLC
had issued securities materially in excess of the set amount under
its US shelf registration statements.
In 2022, a purported class action claim was filed in the US
District Court in Manhattan seeking to hold Barclays PLC, Barclays
Bank PLC and former and current executives responsible for declines
in the price of Barclays PLC’s American depositary receipts,
which the plaintiffs claim occurred as a result of alleged
misstatements and omissions in its public disclosures. The
defendants’ motion to dismiss the case was granted in part
and denied in part in February 2024. Barclays has filed a motion
for reconsideration or, alternatively, permission to appeal the
decision.
In addition, holders of a series of ETNs have brought a purported
class action in federal court in New York against Barclays PLC,
Barclays Bank PLC, and former and current executives and board
members in the US alleging, among other things, that
Barclays’ failure to disclose that these ETNs were
unregistered securities misled investors and that, as a result,
Barclays is liable for the holders’ alleged losses following
the suspension of further sales and issuances of such series of
ETNs. The plaintiffs were granted leave to amend and filed a new
complaint in March 2024. Barclays has filed a motion to
dismiss.
In March 2024, a putative class action was filed in federal court
in New York against Barclays PLC, Barclays Bank PLC and former and
current executives. The plaintiff purports to bring claims on
behalf of a class of short sellers, alleging that their short
positions suffered substantial losses when Barclays suspended new
issuances and sales of VXX ETNs as a result of the over-issuance of
securities.
2.
Barclays PLC, Barclays Bank PLC and Barclays Bank UK
PLC
HM Revenue & Customs (HMRC) assessments concerning UK Value
Added Tax
In 2018, HMRC issued notices that have the effect of either
removing certain Barclays overseas subsidiaries that have
operations in the UK from Barclays’ UK VAT group or
preventing them from joining it. Supplies between members of a UK
VAT group are generally free from VAT. The notices had both
retrospective and prospective effect. Barclays has appealed HMRC's
decisions to the First Tier Tribunal (Tax Chamber) in relation to
both the retrospective VAT assessments and the on-going VAT
payments made since 2018. £181m of VAT (inclusive of interest)
was assessed retrospectively by HMRC covering the periods 2014 to
2018, of which approximately £128m is expected to be
attributed to Barclays Bank UK PLC and £53m to Barclays Bank
PLC. This retrospectively assessed VAT was paid in 2018 and an
asset, adjusted to reflect expected eventual recovery, is
recognised. Since 2018 Barclays has paid, and recognised as an
expense, VAT on intra-group supplies from the relevant subsidiaries
to the members of the VAT group. Trial was completed in Q2 2024 in
respect of the ongoing VAT payments. Judgment is
awaited.
Civil action in respect of Barclays’ statements regarding the
relationship between its former CEO and Jeffrey
Epstein
In 2023, a purported class action was filed in federal court in
California against Barclays PLC and a number of current and former
members of the Board of Directors of Barclays PLC. The complaint
seeks to hold the defendants responsible for declines in the price
of Barclays PLC’s American depositary receipts, which the
plaintiffs claim occurred as a result of alleged misstatements and
omissions in Barclays’ public disclosures relating to its
former CEO’s relationship with Jeffrey Epstein.
Alternative trading systems
In 2020, a claim was brought against Barclays PLC in the UK in the
High Court by various shareholders regarding Barclays PLC’s
share price based on the allegations contained within a complaint
by the New York State Attorney General (NYAG) in 2014, which
alleged, among other things, that Barclays PLC and BCI engaged in
fraud and deceptive practices in connection with LX, BCI’s
SEC-registered alternative trading system. The NYAG claim was
settled in 2016, as previously disclosed. The more recent claim is
currently due to go to trial on liability in October 2025 with a
later trial to decide quantum issues. Barclays is defending the
claim.
General
The Group is engaged in various other legal, competition and
regulatory matters in the UK, the US and a number of other overseas
jurisdictions. It is subject to legal proceedings brought by and
against the Group which arise in the ordinary course of business
from time to time, including (but not limited to) disputes in
relation to contracts, securities, guarantees, debt collection,
consumer credit, fraud, trusts, client assets, competition, data
management and protection, intellectual property, money laundering,
financial crime, employment, environmental and other statutory and
common law issues.
The Group is also subject to enquiries and examinations, requests
for information, audits, investigations and legal and other
proceedings by regulators, governmental and other public bodies in
connection with (but not limited to) consumer protection measures,
measures to combat money laundering and financial crime, compliance
with legislation and regulation, wholesale trading activity and
other areas of banking and business activities in which the Group
is or has been engaged. The Group is cooperating with the relevant
authorities and keeping all relevant agencies briefed as
appropriate in relation to these matters and others described in
this note on an ongoing basis.
At the present time, Barclays PLC does not expect the ultimate
resolution of any of these other matters to have a material adverse
effect on the Group’s financial position. However, in light
of the uncertainties involved in such matters and the matters
specifically described in this note, there can be no assurance that
the outcome of a particular matter or matters (including formerly
active matters or those matters arising after the date of this
note) will not be material to Barclays PLC’s results,
operations or cash flows for a particular period, depending on,
among other things, the amount of the loss resulting from the
matter(s) and the amount of profit otherwise reported for the
reporting period.
17.
Related party transactions
Related party transactions in the half year ended 30 June 2024 were
similar in nature to those disclosed in the Barclays PLC Annual
Report 2023. No related party transactions that have taken place in
the half year ended 30 June 2024 have materially affected the
financial position or the performance of the Group during this
period.
Appendix: Non-IFRS Performance Measures
The Group’s management believes that the non-IFRS performance
measures included in this document provide valuable information to
the readers of the financial statements, as they enable the reader
to identify a more consistent basis for comparing the
businesses’ performance between financial periods, and
provide more detail concerning the elements of performance which
the managers of these businesses are most directly able to
influence or are relevant for an assessment of the Group. They also
reflect an important aspect of the way in which operating targets
are defined and performance is monitored by
management.
However, any non-IFRS performance measures in this document are not
a substitute for IFRS measures and readers should consider the IFRS
measures as well.
Non-IFRS performance measures glossary
Measure
|
Definition
|
Loan: deposit ratio
|
Total loans and advances at amortised cost divided by total
deposits at amortised cost.
|
Attributable profit
|
Profit after tax attributable to ordinary shareholders of the
parent.
|
Period end tangible equity refers to:
|
Period end tangible shareholders' equity (for Barclays
Group)
|
Shareholders' equity attributable to ordinary shareholders of the
parent, adjusted for the deduction of goodwill and intangible
assets.
|
Period end allocated tangible equity (for businesses)
|
Allocated tangible equity is calculated as 13.5% (2023: 13.5%) of
RWAs for each business, adjusted for capital deductions, excluding
goodwill and intangible assets, reflecting the assumptions the
Barclays Group uses for capital planning purposes. Head Office
allocated tangible equity represents the difference between the
Barclays Group’s tangible shareholders’ equity and the
amounts allocated to businesses.
|
Average tangible equity refers to:
|
Average tangible shareholders’ equity (for Barclays
Group)
|
Calculated as the average of the previous month’s period end
tangible shareholders' equity and the current month’s period
end tangible shareholders' equity. The average tangible
shareholders’ equity for the period is the average of the
monthly averages within that period.
|
Average allocated tangible equity (for businesses)
|
Calculated as the average of the previous month’s period end
allocated tangible equity and the current month’s period end
allocated tangible equity. The average allocated tangible equity
for the period is the average of the monthly averages within that
period.
|
Return on tangible equity (RoTE) refers to:
|
Return on average tangible shareholders’ equity (for Barclays
Group)
|
Annualised Group attributable profit, as a proportion of average
tangible shareholders’ equity. The components of the
calculation have been included on pages 90 to 91.
|
Return on average allocated tangible equity (for
businesses)
|
Annualised business attributable profit, as a proportion of that
business's average allocated tangible equity. The components of the
calculation have been included on pages 90 to 92.
|
Operating expenses excluding litigation and conduct
|
A measure of total operating expenses excluding litigation and
conduct charges.
|
Operating costs
|
A measure of total operating expenses excluding litigation and
conduct charges and UK regulatory levies.
|
Cost: income ratio
|
Total operating expenses divided by total income.
|
Loan loss rate
|
Quoted in basis points and represents total impairment charges
divided by total gross loans and advances held at amortised cost at
the balance sheet date.
|
Net interest margin
|
Annualised net interest income divided by the sum of average
customer assets. The components of the calculation have been
included on page 14.
|
Tangible net asset value per share
|
Calculated by dividing shareholders’ equity, excluding
non-controlling interests and other equity instruments, less
goodwill and intangible assets, by the number of issued ordinary
shares. The components of the calculation have been included on
page 14.
|
Profit before impairment
|
Calculated by excluding credit impairment charges or releases from
profit before tax.
|
Structural cost actions
|
Cost actions taken to improve future financial
performance.
|
Group net interest income excluding Barclays Investment Bank and
Head Office
|
A measure of Barclays Group net interest income, excluding the net
interest income reported in Barclays Investment Bank and Head
Office.
|
Inorganic activity
|
Refers to certain inorganic transactions announced as part of the
FY23 Investor Update designed to improve RoTE beyond
2024.
|
Performance measures excluding the impact of inorganic
activity
|
Calculated by excluding the impact of inorganic activity from
performance measures. The components of the calculations for
Barclays Group and businesses have been included on page
1 and on page 13.
|
Returns
|
Half year ended 30.06.24
|
|
|
Barclays UK
|
Barclays UK Corporate Bank
|
Barclays Private Bank and Wealth Management
|
Barclays Investment Bank
|
Barclays US Consumer Bank
|
Head Office
|
Barclays Group
|
Return on average tangible equity
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
Attributable profit/(loss)
|
1,063
|
248
|
151
|
1,614
|
119
|
(408)
|
2,787
|
|
|
|
|
|
|
|
|
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
Average equity
|
14.3
|
3.0
|
1.1
|
30.0
|
3.6
|
6.0
|
58.0
|
Average goodwill and intangibles
|
(3.9)
|
—
|
(0.1)
|
—
|
(0.3)
|
(3.6)
|
(7.9)
|
Average tangible equity
|
10.4
|
3.0
|
1.0
|
30.0
|
3.3
|
2.4
|
50.1
|
|
|
|
|
|
|
|
|
Return on average tangible equity
|
20.4%
|
16.6%
|
29.7%
|
10.8%
|
7.2%
|
n/m
|
11.1%
|
|
Half year ended 30.06.23
|
|
|
Barclays UK
|
Barclays UK Corporate Bank
|
Barclays Private Bank and Wealth Management
|
Barclays Investment Bank
|
Barclays US Consumer Bank
|
Head Office
|
Barclays Group
|
Return on average tangible equity
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
Attributable profit/(loss)
|
1,049
|
396
|
181
|
1,610
|
131
|
(256)
|
3,111
|
|
|
|
|
|
|
|
|
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
Average equity
|
14.0
|
2.9
|
1.1
|
29.1
|
3.9
|
4.6
|
55.6
|
Average goodwill and intangibles
|
(3.7)
|
—
|
(0.1)
|
—
|
(0.8)
|
(3.8)
|
(8.4)
|
Average tangible equity
|
10.3
|
2.9
|
1.0
|
29.1
|
3.1
|
0.8
|
47.2
|
|
|
|
|
|
|
|
|
Return on average tangible equity
|
20.4%
|
27.3%
|
35.2%
|
11.1%
|
8.4%
|
n/m
|
13.2%
|
|
|
|
|
|
|
|
|
Barclays Group
|
|
|
|
|
|
|
|
|
|
|
Return on average tangible shareholders' equity
|
Q224
|
Q124
|
|
Q423
|
Q323
|
Q223
|
Q123
|
|
Q422
|
Q322
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
Attributable profit/(loss)
|
1,237
|
1,550
|
|
(111)
|
1,274
|
1,328
|
1,783
|
|
1,036
|
1,512
|
|
|
|
|
|
|
|
|
|
|
|
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
Average shareholders' equity
|
57.7
|
58.3
|
|
57.1
|
55.1
|
55.4
|
55.9
|
|
54.9
|
56.8
|
Average goodwill and intangibles
|
(7.9)
|
(7.8)
|
|
(8.2)
|
(8.6)
|
(8.7)
|
(8.3)
|
|
(8.2)
|
(8.2)
|
Average tangible shareholders' equity
|
49.8
|
50.5
|
|
48.9
|
46.5
|
46.7
|
47.6
|
|
46.7
|
48.6
|
|
|
|
|
|
|
|
|
|
|
|
Return on average tangible shareholders' equity
|
9.9%
|
12.3%
|
|
(0.9)%
|
11.0%
|
11.4%
|
15.0%
|
|
8.9%
|
12.5%
|
Barclays UK
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
Q224
|
Q124
|
|
Q423
|
Q323
|
Q223
|
Q123
|
|
Q422
|
Q322
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
Attributable profit
|
584
|
479
|
|
382
|
531
|
534
|
515
|
|
474
|
549
|
|
|
|
|
|
|
|
|
|
|
|
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
Average allocated equity
|
14.4
|
14.3
|
|
14.1
|
14.0
|
14.2
|
13.9
|
|
13.7
|
13.5
|
Average goodwill and intangibles
|
(3.9)
|
(3.9)
|
|
(3.9)
|
(3.9)
|
(4.0)
|
(3.6)
|
|
(3.5)
|
(3.6)
|
Average allocated tangible equity
|
10.5
|
10.4
|
|
10.2
|
10.1
|
10.2
|
10.3
|
|
10.2
|
9.9
|
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
22.3%
|
18.5%
|
|
14.9%
|
21.0%
|
20.9%
|
20.0%
|
|
18.7%
|
22.1%
|
|
|
|
|
|
|
|
|
|
|
|
Barclays UK Corporate Bank
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
Q224
|
Q124
|
|
Q423
|
Q323
|
Q223
|
Q123
|
|
Q422
|
Q322
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
Attributable profit
|
135
|
113
|
|
59
|
129
|
239
|
157
|
|
131
|
172
|
|
|
|
|
|
|
|
|
|
|
|
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
Average allocated equity
|
3.0
|
3.0
|
|
2.8
|
2.8
|
2.9
|
2.9
|
|
2.9
|
2.9
|
Average goodwill and intangibles
|
—
|
—
|
|
—
|
—
|
—
|
—
|
|
—
|
—
|
Average allocated tangible equity
|
3.0
|
3.0
|
|
2.8
|
2.8
|
2.9
|
2.9
|
|
2.9
|
2.9
|
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
18.0%
|
15.2%
|
|
8.4%
|
18.3%
|
32.9%
|
21.7%
|
|
17.8%
|
23.4%
|
Barclays Private Bank and Wealth Management
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
Q224
|
Q124
|
|
Q423
|
Q323
|
Q223
|
Q123
|
|
Q422
|
Q322
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
Attributable profit
|
77
|
74
|
|
47
|
102
|
91
|
90
|
|
92
|
108
|
|
|
|
|
|
|
|
|
|
|
|
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
Average allocated equity
|
1.1
|
1.1
|
|
1.1
|
1.1
|
1.1
|
1.1
|
|
1.2
|
1.1
|
Average goodwill and intangibles
|
(0.1)
|
(0.1)
|
|
(0.1)
|
(0.1)
|
(0.1)
|
(0.1)
|
|
(0.1)
|
(0.1)
|
Average allocated tangible equity
|
1.0
|
1.0
|
|
1.0
|
1.0
|
1.0
|
1.0
|
|
1.1
|
1.0
|
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
30.8%
|
28.7%
|
|
19.1%
|
41.2%
|
35.9%
|
34.5%
|
|
34.9%
|
41.7%
|
Barclays Investment Bank
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
Q224
|
Q124
|
|
Q423
|
Q323
|
Q223
|
Q123
|
|
Q422
|
Q322
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
Attributable profit/(loss)
|
715
|
899
|
|
(149)
|
580
|
562
|
1,048
|
|
313
|
847
|
|
|
|
|
|
|
|
|
|
|
|
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
Average allocated equity
|
29.9
|
30.0
|
|
28.9
|
28.8
|
29.0
|
29.1
|
|
30.9
|
31.2
|
Average goodwill and intangibles
|
—
|
—
|
|
—
|
—
|
—
|
—
|
|
—
|
—
|
Average allocated tangible equity
|
29.9
|
30.0
|
|
28.9
|
28.8
|
29.0
|
29.1
|
|
30.9
|
31.2
|
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
9.6%
|
12.0%
|
|
(2.1)%
|
8.0%
|
7.7%
|
14.4%
|
|
4.0%
|
10.9%
|
|
|
|
|
|
|
|
|
|
|
|
Barclays US Consumer Bank
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
Q224
|
Q124
|
|
Q423
|
Q323
|
Q223
|
Q123
|
|
Q422
|
Q322
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
Attributable profit/(loss)
|
75
|
44
|
|
(3)
|
3
|
72
|
59
|
|
101
|
107
|
|
|
|
|
|
|
|
|
|
|
|
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
Average allocated equity
|
3.6
|
3.6
|
|
3.6
|
3.8
|
3.9
|
3.9
|
|
4.1
|
4.0
|
Average goodwill and intangibles
|
(0.3)
|
(0.3)
|
|
(0.3)
|
(0.7)
|
(0.8)
|
(0.8)
|
|
(0.9)
|
(0.9)
|
Average allocated tangible equity
|
3.3
|
3.3
|
|
3.3
|
3.1
|
3.1
|
3.1
|
|
3.2
|
3.1
|
|
|
|
|
|
|
|
|
|
|
|
Return on average allocated tangible equity
|
9.2%
|
5.3%
|
|
(0.3)%
|
0.4%
|
9.3%
|
7.5%
|
|
12.6%
|
13.9%
|
|
|
|
|
|
|
|
|
|
|
|
Performance
measures excluding the impact of inorganic activity
|
Half year ended 30.06.24
|
|
|
Barclays UK
|
Barclays UK Corporate Bank
|
Barclays Private Bank and Wealth Management
|
Barclays Investment Bank
|
Barclays US Consumer Bank
|
Head Office
|
Barclays Group
|
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
Total income
|
3,713
|
877
|
632
|
6,347
|
1,678
|
30
|
13,277
|
Inorganic activity
|
—
|
—
|
—
|
—
|
—
|
(240)
|
(240)
|
Total income excluding inorganic activity
|
3,713
|
877
|
632
|
6,347
|
1,678
|
270
|
13,517
|
|
|
|
|
|
|
|
|
Total operating expenses
|
(2,108)
|
(486)
|
(436)
|
(3,902)
|
(800)
|
(449)
|
(8,181)
|
|
|
|
|
|
|
|
|
Cost: income ratio excluding inorganic activity
|
57%
|
55%
|
69%
|
61%
|
48%
|
n/a
|
61%
|
|
|
|
|
|
|
|
|
Attributable profit/(loss)
|
1,063
|
248
|
151
|
1,614
|
119
|
(408)
|
2,787
|
Post-tax impact of inorganic activity
|
—
|
—
|
—
|
—
|
—
|
(233)
|
(233)
|
Attributable profit/(loss) excluding inorganic
activity
|
1,063
|
248
|
151
|
1,614
|
119
|
(175)
|
3,020
|
|
|
|
|
|
|
|
|
Average tangible equity (£bn)
|
10.4
|
3.0
|
1.0
|
30.0
|
3.3
|
2.4
|
50.1
|
|
|
|
|
|
|
|
|
Return on average tangible equity excluding inorganic
activity
|
20.4%
|
16.6%
|
29.7%
|
10.8%
|
7.2%
|
n/a
|
12.0%
|
|
Three months ended 30.06.24
|
|
|
Barclays UK
|
Barclays UK Corporate Bank
|
Barclays Private Bank and Wealth Management
|
Barclays Investment Bank
|
Barclays US Consumer Bank
|
Head Office
|
Barclays Group
|
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
Total income
|
1,887
|
443
|
320
|
3,019
|
819
|
(164)
|
6,324
|
Inorganic activity
|
—
|
—
|
—
|
—
|
—
|
(240)
|
(240)
|
Total income excluding inorganic activity
|
1,887
|
443
|
320
|
3,019
|
819
|
76
|
6,564
|
|
|
|
|
|
|
|
|
Total operating expenses
|
(1,045)
|
(235)
|
(219)
|
(1,903)
|
(410)
|
(194)
|
(4,006)
|
|
|
|
|
|
|
|
|
Cost: income ratio excluding inorganic activity
|
55%
|
53%
|
68%
|
63%
|
50%
|
n/a
|
61%
|
|
|
|
|
|
|
|
|
Attributable profit/(loss)
|
584
|
135
|
77
|
715
|
75
|
(349)
|
1,237
|
Post-tax impact of inorganic activity
|
—
|
—
|
—
|
—
|
—
|
(233)
|
(233)
|
Attributable profit/(loss) excluding inorganic
activity
|
584
|
135
|
77
|
715
|
75
|
(116)
|
1,470
|
|
|
|
|
|
|
|
|
Average tangible equity (£bn)
|
10.5
|
3.0
|
1.0
|
29.9
|
3.3
|
2.1
|
49.8
|
|
|
|
|
|
|
|
|
Return on average tangible equity excluding inorganic
activity
|
22.3%
|
18.0%
|
30.8%
|
9.6%
|
9.2%
|
n/a
|
11.8%
|
Tangible net asset value per share
|
As at 30.06.24
|
As at 31.12.23
|
As at 30.06.23
|
|
£m
|
£m
|
£m
|
Total equity excluding non-controlling interests
|
71,173
|
71,204
|
67,669
|
Other equity instruments
|
(12,959)
|
(13,259)
|
(13,759)
|
Goodwill and intangibles
|
(7,839)
|
(7,794)
|
(8,607)
|
Tangible shareholders' equity attributable to ordinary shareholders
of the parent
|
50,375
|
50,151
|
45,303
|
|
|
|
|
|
m
|
m
|
m
|
Shares in issue
|
14,826
|
15,155
|
15,556
|
|
|
|
|
|
p
|
p
|
p
|
Tangible net asset value per share
|
340
|
331
|
291
|
Shareholder Information
Results timetable1
|
|
|
|
Date
|
|
Ex-dividend date
|
|
|
|
15 August 2024
|
Dividend record date
|
|
|
|
16 August 2024
|
Cut off time of 5:00pm (UK time) for the receipt of Dividend
Re-investment Programme (DRIP) Application Form
Mandate
|
30 August 2024
|
Dividend payment date
|
|
|
|
20 September 2024
|
Q3 2024 Results Announcement
|
|
|
|
24 October 2024
|
|
|
|
|
|
|
|
For qualifying US and Canadian resident ADR holders, the half year
dividend of 2.9p per ordinary share becomes 11.6p per ADS
(representing four shares). The ex-dividend date for ADR holders is
16 August 2024. The dividend record and dividend payment dates for
ADR holders are as shown above.
|
A DRIP is provided by Equiniti Financial Services Limited. The DRIP
enables the Company’s shareholders to elect to have their
cash dividend payments used to purchase the Company’s shares.
More information can be found at
www.shareview.co.uk/info/drip
|
DRIP participants will usually receive their additional ordinary
shares (in lieu of a cash dividend) three to four days after the
dividend payment date.
|
Barclays PLC ordinary shares ISIN code: GB0031348658
|
|
|
Barclays PLC ordinary shares TIDM Code: BARC
|
|
|
|
|
|
|
|
|
|
|
% Change3
|
Exchange rates2
|
30.06.24
|
31.12.23
|
30.06.23
|
|
31.12.23
|
30.06.23
|
Period end - USD/GBP
|
1.26
|
1.28
|
1.27
|
|
(2)%
|
(1)%
|
6 month average - USD/GBP
|
1.30
|
1.24
|
1.23
|
|
5%
|
6
|
3 month average - USD/GBP
|
1.26
|
1.24
|
1.25
|
|
2%
|
1%
|
Period end - EUR/GBP
|
1.18
|
1.15
|
1.16
|
|
3%
|
2%
|
6 month average - EUR/GBP
|
1.19
|
1.15
|
1.14
|
|
3%
|
4%
|
3 month average - EUR/GBP
|
1.18
|
1.15
|
1.15
|
|
3%
|
3%
|
|
|
|
|
|
|
|
Share price data
|
|
|
|
|
|
|
Barclays PLC (p)
|
208.90
|
153.78
|
153.38
|
|
|
|
Barclays PLC number of shares (m)4
|
14,826
|
15,155
|
15,556
|
|
|
|
|
|
|
|
|
|
|
For further information please contact
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor relations
|
Media relations
|
Marina Shchukina +44 (0) 20 7116 2526
|
Tom Hoskin +44 (0) 20 7116 4755
|
|
|
More information on Barclays can be found on our website:
home.barclays
|
|
|
|
|
|
|
|
Registered office
|
|
|
|
|
|
|
1 Churchill Place, London, E14 5HP, United Kingdom. Tel: +44 (0) 20
7116 1000. Company number: 48839.
|
|
|
|
|
|
|
|
Registrar
|
|
|
|
|
|
|
Equiniti, Aspect House, Spencer Road, Lancing, West Sussex, BN99
6DA, United Kingdom.
|
|
Tel: +44 (0)371 384 2055 (UK and International telephone
number)5.
|
|
|
|
|
|
|
|
|
American Depositary Receipts (ADRs)
|
|
|
|
|
|
|
EQ Shareowner Services
|
P.O. Box 64504
|
St. Paul, MN 55164-0504
|
United States of America
|
shareowneronline.com
|
|
|
|
|
|
Toll Free Number: +1 800-990-1135
|
|
|
|
|
|
|
Outside the US +1 651-453-2128
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Delivery of ADR certificates and overnight mail
|
|
|
|
|
|
EQ Shareowner Services, 1110 Centre Pointe Curve, Suite 101,
Mendota Heights, MN 55120-4100, USA.
|
1
|
Note that these dates are provisional and subject to
change.
|
2
|
The average rates shown above are derived from daily spot rates
during the year.
|
3
|
The change is the impact to GBP reported information.
|
4
|
The number of shares of 14,826m as at 30 June 2024 is different
from the 14,816m quoted in the 1 July 2024 announcement entitled
"Total Voting Rights" because the share buyback transactions
executed on 27 and 28 June 2024 did not settle until 1 and 2 July
2024 respectively.
|
5
|
Lines open 8.30am to 5.30pm (UK time), Monday to Friday, excluding
UK public holidays in England and Wales.
|
Barclays (PK) (USOTC:BCLYF)
Historical Stock Chart
From Aug 2024 to Sep 2024
Barclays (PK) (USOTC:BCLYF)
Historical Stock Chart
From Sep 2023 to Sep 2024